Oil rises more than 1 pct on dollar, China By David Sheppard
Nov 23, 2009 Make Money Online
Oil prices rose more than 1 percent to move above $78 a barrel on Monday due to weakness in the dollar and signs of buoyant demand from China, the world’s second-largest energy consumer.
China’s implied oil demand in October was more than 10 percent higher than at the same time last year, customs data showed on Monday, in the latest sign consumption is rising in emerging economies despite the lingering impact of the economic crisis.
“Chinese demand is definitely supporting this market as demand in the OECD (Organization for Economic Co-operation and Development) remains relatively weak,” said Andrey Kryuchenkov, analyst at VTB Capital in London.
U.S. crude for January delivery rose 93 cents to $78.40 a barrel by 6:46 EST (1146 GMT), after rising to a day high of $78.52 earlier. London Brent crude rose $1.10 to $78.30.
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Tags: economic crisis, Economics, largest energy consumer, OECD, Oil Price, OPEC, Organization for Economic Co-operation and Development, Organization of the Petroleum Exporting Countries, VTB Capital
