Arab Today, arab today oil prices surge on chinese data
Last Updated : GMT 18:20:30
Arab Today, arab today
Arab Today, arab today

Oil prices surge on Chinese data

Arab Today, arab today

Arab Today, arab today Oil prices surge on Chinese data

London - AFP

World oil prices soared on Tuesday, underpinned by positive Chinese economic data and tensions in the Middle East over a key oil transit point, analysts said. New York\'s main contract, West Texas Intermediate (WTI) light sweet crude for delivery in February jumped $2.75 to $101.58 a barrel. Brent North Sea crude for February rallied $2.87 to $110.25 a barrel nearing midday in London. \"Prices have moved up as the market reacts to the expansion in manufacturing activity in China,\" said Victor Shum, senior principal at Purvin and Gertz international energy consultants. \"Geopolitical tensions over Iran has also supported the market,\" he added. Official data released Sunday showed China\'s manufacturing activity rebounded in December helped by holiday shopping. The purchasing managers index (PMI) reached 50.3 in December, the China Federation of Logistics and Purchasing said. A reading above 50 indicates the sector is expanding while a reading below 50 suggests a contraction. China is the world\'s largest energy consumer and its economic data, particularly concerning production, strongly influences crude prices. Meanwhile, traders are also closely monitoring the situation in the Strait of Hormuz, a vital oil-transit waterway through which 20 percent of the world\'s oils is transported. Iran on Monday tested missiles near the strait, underlining its threats to close the vital passage way as the West readies to impose more economic sanctions over Tehran\'s nuclear drive. The United States and its allies have imposed their sanctions to punish Iran for maintaining a nuclear programme they believe masks military objectives, a claim rejected by Tehran.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil prices surge on chinese data Arab Today, arab today oil prices surge on chinese data

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil prices surge on chinese data Arab Today, arab today oil prices surge on chinese data

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday