The price of oil rose after Chinese data
showed higher growth in electricity consumption and industrial production.
Benchmark crude for January delivery was up
23 cents to US$86.16 at midday Bangkok time in electronic trading on the New
York Mercantile Exchange. The contract fell 33 cents to finish at $85.93 per
barrel on Friday.
Signs that China's economy is recovering
from a slowdown suggest there will be an increase in demand for energy to fuel
its manufacturing industries.
The Chinese government reported that factory
output increased 10.1 per cent from a year earlier, compared to the previous
month's rise of 9.6 per cent year-on-year. Retail sales rose 14.9 per cent, up
from October's 14.5 per cent. Electricity consumption rose 7.9 per cent in
November from 6.4 per cent in October, according to Natalie Rampono, a
commodities analyst with ANZ Banking Group in Melbourne.
Brent crude, which is used to price
international varieties of oil, rose 21 cents to $107.23 per barrel, on the ICE
Futures exchange in London.
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