17 January 2012 09:57 [Source: ICIS news]
By James Dennis
SINGAPORE (ICIS)--Brent crude futures rose more than $1/bbl on Tuesday supported by a weaker US dollar, better than expected economic data from ?xml:namespace>
At 09:31 GMT, March Brent crude on
February NYMEX light sweet crude futures (WTI) were trading at $100.64/bbl, up $1.94/bbl on the previous close. Earlier the
There was no settlement for WTI crude futures on Monday due to a public holiday in the
The US dollar weakened against the euro and other leading currencies making dollar denominated commodities such as oil more attractive to international investors.
The US dollar weakened against the euro despite news that Standard & Poor’s had downgraded the eurozone rescue fund.
The European Financial Stability Facility (EFSF) was downgraded to AA+ from AAA amid concerns over its ability to borrow funds needed for the eurozone bailout at competitive rates.
The move comes after S&P downgraded credit rating for a number of eurozone nations including
Official government data revealed that
However, the figures were stronger than had been expected.
The lower growth levels follow the implementation of monetary tightening policies by the Chinese government which were introduced to control inflation and cool the property market.
Chinese growth has been impacted by weaker exports to markets in
Statistics showed that economic growth in
Economists expect that the Chinese economy will slow further in the first quarter of 2012.
The comments from
Oil shipments from
The nation is also the third largest oil exporter, according to data from the International Energy Agency (IEA).
For more information on crude, visit ICIS chemical intelligence
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