Crude gains on positive data from China and US

01 March 2012 16:20  [Source: ICIS news]

LONDON (ICIS)--ICE Brent crude oil futures gained more than $1.00/bbl on Thursday on the back of positive economic data from both China and the US.

By 15:26 GMT, April Brent crude had hit a high of $124.19/bbl, a gain of $1.53/bbl from Wednesday’s close of $122.66/bbl, before easing back to around $124.10/bbl.

At the same time, April NYMEX light sweet crude futures were trading around $107.86/bbl, having hit a high of $107.97 /bbl, a gain of 90 cents/bbl from the previous close of $107.07/bbl.

Factory output from China grew at a faster-than-expected pace in February, according to a government survey.

In the US, unemployment benefits claims fell in the previous week, according to a government report, raising hopes that employment will increase for the third consecutive month.

By: Kawai Wong
+44 20 8652 3214

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