RTE:Oil rises as US and China manufacturing improves
The price of oil rose today, boosted by improvements in manufacturing in the world's two largest economies.
Benchmark oil for March delivery was up 29 cents to $96.73 a barrel in electronic trading on the New York Mercantile Exchange.
The contract rose 56 cents to finish at $96.44 a barrel on the Nymex last night.
Brent crude, used to price international varieties of oil, fell 9 cents to $113.39 a barrel on the ICE Futures exchange in London.
The US yesterday said that demand for long-lasting manufactured goods rose sharply in December. That comes on top of an improved housing picture and strong earnings by major companies. Many analysts think the economy's sluggish recovery will pick up stream by 2014.
China's manufacturing activity has also recently rebounded as the country emerges from its deepest slump since the 2008 global financial crisis. Analysts have all but stopped predicting that the world's number two economy will have a "hard landing," or a sharp downturn.
This week marks a big week for US economic indicators. The government will release reports on weekly jobless claims, unemployment and fourth-quarter growth. Tthe Federal Reserve's policy committee also holds a two-day meeting that concludes tomorrow night.
