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Oil Rises on Economic Optimism
Feb 4,2013 09:28CST
industry news
Crude prices rose on Friday as investors remained optimistic about the global economy in view of positive data.

NEW YORK, Feb. 1 (Xinhua) -- Crude prices rose on Friday as investors remained optimistic about the global economy in view of positive data.

Crude prices have been driven by investors' optimism about the global economy since the beginning of the year.

On Friday, risk appetite expanded further after the release of a positive U.S. jobs report and China's manufacturing data.

U.S. non-farm payrolls increased 157,000 in January, and the unemployment rate edged up 0.1 percentage point to 7.9 percent, according to a report released by the Labor Department. Although the results fell short market estimates, they still pointed to a steady growth of the jobs market in the world's largest economy.

A separate report from the Institute of Supply Management showed that U.S. manufacturing index rose from the revised reading of 50.2 percent in December 2012 to 53.1 in January.

In China, upbeat manufacturing data showed a healthy economic growth for the world's second largest oil consumer.

The official purchasing managers' index (PMI) missed market expectations, underscoring that the economy is making only a mild recovery from its weakest year since 1999. But a private PMI survey conducted by HSBC showed growth among manufacturers rose to a two-year high.

Meanwhile, supplies concerns, especially for the more international benchmark of Brent, pushed the prices further up.

After a recent Israeli attack on Syrian territory, a suicide bomb attack against the U.S. embassy in Ankara on Friday added to the tensions in the oil-rich Middle East.

Light, sweet crude for March delivery added 28 cents, or 0.29 percent, to settle at 97.77 dollars a barrel on the New York Mercantile Exchange. It rose 1.89 dollars in the week, or 1.97 percent.

Brent crude for March delivery continued to rise 1.33 dollars, or 1.15 percent, to 116.88 dollars a barrel, the highest level since September 13.


Crude prices

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