Crude up in Asia on China demand hopes
SINGPAORE: Oil was up in Asia Monday on trader expectation of a hike in Chines crude demand after a key survey showed its manufacturing activity hitting a 14-month high in December, analysts said.
New York's main contract, light sweet crude for delivery in January rose 23 cents to $86.98 a barrel and Brent North Sea crude for February delivery advanced five cents to $108.23.
''Oil prices rose... on expectations for improved demand in China after data showed the manufacturing sector in the world number two oil consumer expended in December at its fastest pace in more than ia year, '' Philip Futures said in a report.
Banking giant HSBC in its preliminary purchasing manager's index (PMI) released Friday recorded China's manufacturing activity at 50.9 in December, the highest the index has reached in 14 months.
It was the second stragiht month that China's manufacturing has hurdled the 50-point mark indicating an expansion after 12 consecutive months of contraction.
China economic growth hit a more than three-year low of 7.4 percent in the three months to September, but HSBC's PMI, together with a series of data released recently, has fuelled optimism of a Chinese economic rebound. (AFP)
AFP
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