Sunday, November 14, 2010
Crude Oil Rises for First Time in Three Days on Optimism U.S. Demand May Gain
“It gives further evidence of that Asian recovery,” said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne. “You’ve seen the recovery in China and the positive spill over affects for those economies in the Asian region. Up until now, you haven’t really seen it as much in Japan.”
December crude futures added as much as 50 cents, or 0.6 percent, to $85.38 in electronic trading on the New York Mercantile Exchange, and was at $85.33 at 11:53 a.m. Sydney time. Crude fell $2.93 to $84.88 on Nov. 12, the lowest since Nov. 3. Prices are up 7.6 percent this year.
Chinese oil processing rose to a record last month after refiners increased production to ease a domestic fuel shortage. Plants refined 37 million metric tons, or about 8.8 million barrels a day, in October, up 12 percent from a year earlier, China Mainland Marketing Research Co. said Nov. 11......Read the entire article.
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