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Oil Rallies amid Mixed Economic News, Upbeat Earnings
Oct 17,2012 08:51CST
industry news
Source:SMM
U.S. crude rose slightly on Tuesday amid mixed economic news and a strong earnings report from Goldman Sachs Group.

NEW YORK, Oct. 17 -- U.S. crude rose slightly on Tuesday amid mixed economic news and a strong earnings report from Goldman Sachs Group.

Market sentiment was lifted after Goldman Sachs Group, the fifth biggest bank in the United States, reported on Tuesday that its revenues more than doubled from a year earlier to 8.35 billion dollars in the third quarter, beating the most optimistic prediction in the market.

It was the latest sign of a stronger quarter for the banking industry, generating hopes among investors for improving finance conditions.

U.S. economic news came in mixed. The Federal Reserve's monthly data showed overall industrial production rebounded 0.4 percent in September after falling 1.4 percent in August. Market had expected a rise of 0.2 percent.

The Labor Department said the consumer price index rose 0.6 percent last month, the same as in August, indicating lingering inflation risk.

Oil has been inflated by geopolitical risks as the European Union tightened sanctions against Syria and Iran, prompting worries that oil supplies from the Middle East could be disrupted.

Meanwhile, oil inventories rose more than expected in the week ended October 5. Global oil demand concerns lingered as economic fundamentals remained weak.

Light, sweet crude for November delivery gained 24 cents, or 0. 26 percent, to settle at 92.09 dollars a barrel on the New York Mercantile Exchange.

But Brent crude for December delivery edged down 40 cents to close at 114.00 dollars a barrel.

 

US crude

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