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Oil eyes $94 after China data, Saudi output cut

MarketWatch - Jan 10, 2013

Oil futures rose Thursday, settling near $94 a barrel after a surprisingly strong increase in China’s exports at the end of 2012 and a report that Saudi Arabia cut crude production in December.

The China exports data for December spurred investors’ appetite for risk and the U.S. dollar weakened, providing additional support for oil prices.

The February contract for light sweet crude /quotes/zigman/2291766 CLG3 +0.85% climbed 72 cents, or 0.8%, to $93.82 a barrel on the New York Mercantile Exchange after touching a high of $94.70.

Front-month crude contract prices haven’t closed above $94 since mid-September.

Prices slipped 5 cents in Wednesday’s session, after U.S. government data showed a bigger-than-expected jump in the nation’s gasoline and distillate supplies for last week.

Read Full Article from MarketWatch

- Posted: 2013-01-10 17:58:03


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