03 January 2012 08:48 [Source: ICIS news]
SINGAPORE (ICIS)--US crude futures rose by more than $2/bbl on Tuesday supported by upbeat economic data from ?xml:namespace>
At 08:30 GMT, February NYMEX light sweet crude futures (WTI) were trading at $100.54/bbl, up $1.71/bbl on the previous close. Earlier the
February Brent crude on
Western powers have imposed sanctions on
The moves from Iran come amid ongoing 10 day exercises by the Iranian Navy in the in the strategically important Strait of Hormuz through which oil exports from Saudi Arabia, the United Arab Emirates, Kuwait, Iraq and Iran are shipped.
The new measures will enable the
The crude market was also buoyed by upbeat manufacturing data from
Chinese government data revealed that the purchasing managers index (PMI) rose to 50.3 in December.
A figure above 50 signifies an expansion in the economy. In November PMI figure was 49.
The news raised optimism over the strength of the Chinese economy in 2012.
Additional Reporting Ignacio Sotolongo
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