Jul. 23, 2014 4:51 pm
Question
Welcome!
|
||
Logout|My Dashboard

Oil gains on positive US and China factory data

Print
Font Size:
Default font size
Larger font size

Posted: Friday, December 14, 2012 10:05 pm

The price of oil is ending higher on positive signs for manufacturing in the U.S. and China.

Benchmark crude gained 84 cents Friday to end at $86.73 on the New York Mercantile Exchange.

A survey of purchasing managers shows that manufacturing activity expanded in China this month. And U.S. data showed that the nation's factories have rebounded from Superstorm Sandy. Both reports indicate that energy consumption could be on the upswing in the world's two biggest economies.

Still, traders are concerned that President Barack Obama and Republican leaders are far from reaching a deal before the end of the year to reduce the U.S. budget deficit.

Gas pump prices continue to slide, with the national average at $3.29 a gallon, just slightly higher than a year ago.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Rules of Conduct

  • 1 Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
  • 2 Don't Threaten or Abuse. Threats of harming another person will not be tolerated. AND PLEASE TURN OFF CAPS LOCK.
  • 3 Be Truthful. Don't knowingly lie about anyone or anything.
  • 4 Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 5 Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
  • 6 Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Welcome to the discussion.