New 15-month high on oil futures at the beginning of the week

Viliyana Filipova — Mon, 11 Jan 2010 15:10:15 +0000

The price of oil conquer new 15-month high during today’s e-commerce in Asia, supported by the recent good economic data for the third largest economy in the world – China, which renewed expectations for the recovery of global economy this year. Depreciation of the dollar to a three-week low against the euro, and extremely low temperatures in most of the northern hemisphere, also raised the price of energy input at the beginning of the week to the highest level since October 2008. Economic optimism contributed data on exports to China, which increased by 17.7% yoy in December. This is the first annual export growth for the past 14 months. China is expected to be engine of global economic growth this year. Moreover, today it became clear that oil imports in the country rose to a record 203.8 million metric tons last year. China is the second largest energy consumer in the world after the United States. U.S. light crude for delivery in February to 0.1 percent more expensive to 82.75 dollars a barrel during electronic trading today on the stock exchange in New York. This is the highest price level since October 14, 2008.
Friday’s volatile session ended with an increase in the February futures price of 9 cents to 82.75 dollars per barrel. Oil price increases during 11 of the last 12 sessions, and last week surged by 4.3 percent on a weekly basis. International petroleum exchange in London Brent with delivery in February to 0.2% cheaper to 81.37 dollars per barrel.

Financial Communique » Crude Oil Production

New 15-month high on oil futures at the beginning of the week