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The oil market is trending to the upside. WTI crude oil futures on the NYMEX for delivery on March 13 was spotted trading at $95.94 a barrel, a gain of $0.06 or 0.06% as of 09.52 AM IST, Monday.

28 Jan 2013

NEW YORK (Commodity Online): Crude oil futures traded near the highest level in 4 months on the NYMEX on hopes of global economic recovery and as growth returns to China and US, the world's biggest consumers of crude oil.

The profits from Chinese industrial companies zoomed for a fourth month in December even as US data may show that durable goods orders and pending home sales climbed last month.

“We can be a little bit optimistic on the economic recovery, and of course on China and the U.S.,” said Ken Hasegawa, energy trading manager at Newedge Group in Tokyo to Bloomberg.

“The oil market is trending to the upside.” he added.

WTI crude oil futures on the NYMEX for delivery on March 13 was spotted trading at $95.94 a barrel, a gain of $0.06 or 0.06% as of 09.52 AM IST, Monday. Brent crude oil on ICE Futures Europe for delivery on March 13 was seen trading at $113.16 a barrel, a loss of $0.30 or 0.26% as of 09.53 AM IST.

'Out of the doldrums'

“Things are looking up” for the global economy, al-Falih, Saudi Arabian Oil Co.’s chief executive said in an interview at the World Economic Forum and was quoted by Bloomberg as saying.

“We have bottomed out, and we are coming out of the economic doldrums that we have suffered from since 2007.” he added.

Meanwhile, the Federal Open Market Committee meet scheduled for January 30 would be watched for with keen eyes by the markets.

It is expected that the US Federal Reserve may leave the QE measures untouched as unemployment rate may remain unchanged at 7.8 percent in January, Bloomberg speculated.


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