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U.S. Oil Rises on Economic Growth Optimism

Industry News 10:41:30AM Jan 29, 2013 Source:SMM

NEW YORK, Jan. 28 (Xinhua) -- U.S. crude prices rose on Monday as investors were optimistic about U.S. economic growth, the world largest oil consumer.

New orders for U.S. manufactured durable goods rose 4.6 percent in December from November, the Commerce Department reported.

The Federal Reserve will hold its first policy meeting in 2013 on Tuesday and Wednesday and it has repeatedly said that it would keep the ultra low interest rates to assist U.S. economic recovery.

Meanwhile, the final figure for U.S. GDP for the third quarter of 2012 will be published on Wednesday. Real GDP growth for the third quarter was revised up to 3.1 percent annualized, compared to the second estimate of 2.7 percent annualized.

Moreover, investors were awaiting the U.S. non-farm payroll data which will be released on Friday. The unemployment situation is expected to show continuous recovery trend.

Light, sweet crude for March delivery gained 56 cents, or 0.58 percent, to settle at 96.44 dollars a barrel on the New York Mercantile Exchange.

Brent crude for March delivery ended 0.18 percent higher from the previous trading day to settle at 113.48 dollars a barrel.

 

Key Words:  US crude oil    
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U.S. Oil Rises on Economic Growth Optimism

Industry News 10:41:30AM Jan 29, 2013 Source:SMM

NEW YORK, Jan. 28 (Xinhua) -- U.S. crude prices rose on Monday as investors were optimistic about U.S. economic growth, the world largest oil consumer.

New orders for U.S. manufactured durable goods rose 4.6 percent in December from November, the Commerce Department reported.

The Federal Reserve will hold its first policy meeting in 2013 on Tuesday and Wednesday and it has repeatedly said that it would keep the ultra low interest rates to assist U.S. economic recovery.

Meanwhile, the final figure for U.S. GDP for the third quarter of 2012 will be published on Wednesday. Real GDP growth for the third quarter was revised up to 3.1 percent annualized, compared to the second estimate of 2.7 percent annualized.

Moreover, investors were awaiting the U.S. non-farm payroll data which will be released on Friday. The unemployment situation is expected to show continuous recovery trend.

Light, sweet crude for March delivery gained 56 cents, or 0.58 percent, to settle at 96.44 dollars a barrel on the New York Mercantile Exchange.

Brent crude for March delivery ended 0.18 percent higher from the previous trading day to settle at 113.48 dollars a barrel.

 

Key Words:  US crude oil