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NYMEX-Crude climbs above $86 as China data spurs demand hopes
December 10, 2012 / 12:58 AM / 5 years ago

NYMEX-Crude climbs above $86 as China data spurs demand hopes

SINGAPORE, Dec 10 (Reuters) - U.S. crude futures edged above $86 per barrel on Monday as promising data from China indicating it was snapping out of a protracted slump renewed hopes of a growth in demand from the world’s second biggest oil consumer.

U.S. January crude gained 23 cents to $86.16 per barrel by 0044 GMT, after a four-day losing streak. Brent rose 38 cents to $107.40, after five straight sessions of losses. Both contracts shed more than 3 percent last week.


* Chinese refinery throughput reached a new high in November, growing 9.1 percent from a year earlier as companies started new refining units and demand started to recover modestly along with the economy.

* Growth in China’s factory output and retail sales jumped to eight-month highs as consumer inflation bounced off 33-month lows.

* U.S. President Barack Obama met with Republican Speaker of the House of Representatives John Boehner on Sunday at the White House to negotiate ways to avoid the “fiscal cliff,” according to White House officials and a congressional aide.

* U.S. companies kept up their slow but steady hiring pace in November, defying predictions that Superstorm Sandy would deal a big blow to the labour market.

* Iraq, the world’s fastest growing crude exporter, expects more quick gains next year as foreign companies push production towards the highest level ever, Iraqi Oil Minister Abdul-Kareem Luaibi said on Sunday.

* Syrian rebels backed by radical Islamists captured a northern regimental command centre of President Bashar al-Assad’s army, activists said on Sunday, as Russia dismissed speculation that it is preparing for its ally’s possible exit from power.


* The euro came under pressure in Asia on Monday as the prospect of a recession in Germany and renewed concerns about Italy weighed on sentiment, while strong Chinese data helped support the Australian dollar.

* The Dow and the S&P 500 advanced modestly on Friday, though another sell-off in Apple depressed technology shares and kept the Nasdaq negative, overshadowing a sharply better-than-expected jobs report.


* The following data is expected on Monday:

- China trade data Nov

- China commodity imports Nov

- 0700 Germany trade data Oct

- 0745 France industrial output Oct

- 0930 Euro zone Sentix index Dec

- 1500 U.S. employment trend index Nov (Reporting by Manash Goswami; Editing by Himani Sarkar)

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