Oil price back above 82 dollars

22nd October 2010, Comments 0 comments

Crude Oil bounced back above 82 dollars here on Friday in the wake of positive economic data in the United States, which is the world's biggest oil-consuming nation.

Brent North Sea crude for delivery in December rose 27 cents to 82.10 dollars a barrel in morning tradinge.

New York's main contract, light sweet crude for December, edged up five cents to 80.61 dollars a barrel.

The US Labor Department reported that new jobless benefits claims fell last week to 452,000, offering a glimmer of hope even though unemployment remains at a high level.

A slew of positive earnings reports from market heavyweights in recent days further boosted confidence in the US economy.

"What is supporting the rebound is some positive economic data coming from the US," said Victor Shum, an analyst with energy consultancy Purvin and Gertz. "Some of the positive economic data include the fall in jobless claims numbers and also the good earnings reports from various companies," Singapore-based Shum told AFP.

Shum said investors also shed initial concerns over China's third quarter economic growth, which came in at 9.6 percent year-on-year, a slower but still robust pace.

"That is really within the expectation of the markets... It shows that policy makers in China have managed a soft landing of their economy," he said.


© 2010 AFP

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