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Author Topic: Oil rises, as China data trump inventory numbers Back to Topics
brbaritone
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Virginia

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Message Posted: Jan 24, 2013 8:54:40 AM

Benchmark U.S. oil futures moved higher in electronic trade Thursday, as upbeat Chinese data trumped higher-than-expected crude inventories and a stronger dollar.

Crude oil for March delivery rose 35 cents, or 0.4%, to $95.58 a barrel during East Asia business hours, rebounding from a 1.5% drop during Wednesday’s regular New York Mercantile Exchange session.

Meanwhile, Brent crude for March slipped a penny to $112.79, further narrowing the spread between the New York and London benchmarks.

The gains for Nymex crude came after the preliminary reading of a monthly HSBC survey of Chinese manufacturers showed further improvement for the sector.
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Given China’s large appetite for oil, its economy serves as a key focus for energy-futures investors, as GFT Markets Analyst Fawad Razaqzada ...
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REPLIES (newest first) Post a Reply
sjf238
Champion Author Philadelphia

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Message Posted: Jan 25, 2013 12:52:43 PM

ok
jrs4125
Champion Author Indiana

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Message Posted: Jan 25, 2013 9:43:22 AM

Dooooooh
doctorindyj
Champion Author Santa Fe

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Message Posted: Jan 24, 2013 12:15:13 PM

Any excuse.
Jeff4U
Champion Author Atlanta

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Message Posted: Jan 24, 2013 10:31:31 AM

Crude now:
$96.05 (+0.82)
Zuegma
Champion Author Nova Scotia

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Points:973,280
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Message Posted: Jan 24, 2013 10:31:09 AM

Gas prices are befuddled by too many alledged factors.
WalkingWV
Champion Author West Virginia

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Message Posted: Jan 24, 2013 10:21:12 AM

35¢ spike at the pumps yesterday. now $3.49, disgusting!
Buckeyee
Champion Author Maine

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Points:1,637,660
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Message Posted: Jan 24, 2013 10:06:35 AM

Just think, 4 more years of no government intervention of rampant oil speculation. The democrats know not to bite the hand that paid for their elections.
humblepie
Champion Author Toledo

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Message Posted: Jan 24, 2013 9:50:06 AM

$95.91 right now
knutzAL
Champion Author Alabama

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Joined:Feb 2012
Message Posted: Jan 24, 2013 9:39:34 AM

Why is this G'ment agency, the inventory numbers, manipulating the dang price? So insiders can bet the right way and make mucho dinairo!
brbaritone
Champion Author Virginia

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Points:2,444,925
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Message Posted: Jan 24, 2013 8:56:11 AM

The article continues:

... noted in comments just ahead of Thursday’s data.

“Fundamentally oil remains bid, thanks, in part, to the recent upturn in Chinese data. This has boosted demand expectations from the world’s second largest consumer of oil,” Razaqzada wrote.

Nymex crude’s modest advance came in the face of several headwinds, including a stronger U.S. dollar.

The ICE dollar index advanced to 80.041 Thursday, up from late Wednesday’s 79.938. A rising dollar often depresses oil prices as it makes the commodity more expensive to holders of other currencies.

The gains also followed a larger-than-expected build in U.S. crude-oil inventories, according to the American Petroleum Institute’s weekly report, released late Wednesday.

The API report showed crude supplies for the week ended Jan. 18 rose by 3.2 million barrels, beating expectations for a 2 million-barrel climb from a Platts survey of analysts.
merlinCO
Champion Author Colorado

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Message Posted: Jan 24, 2013 8:56:10 AM

Speculators and Saudia Arabia win again over what the truth is.
HoosierDaddyKY
Champion Author Kentucky

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Message Posted: Jan 24, 2013 8:55:56 AM

You don't say...
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