OIL prices rose above $88 a barrel today in Asia amid signs of resilience in the economies of Japan and China.
Benchmark crude for December delivery was up US65c at $US88.05 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.
The contract rose $US1.33 to settle at $US87.40 in New York on Friday.
Brent crude was up US70c at $US110.26 a barrel on the ICE Futures Exchange in London.
Japan's Finance Ministry said today that exports rose 2.4 per cent in September from a year earlier, marking the second consecutive month of growth as the country recovered from the March earthquake and tsunami.
Meanwhile, HSBC said today that its preliminary China Manufacturing Purchasing Managers Index, which measures industrial production, rose to 51.1 from 49.9 in September. A result above 50 indicates an expansion from the previous month. The preliminary indicator is often subject to substantial revision.
The Chinese and Japanese data also helped to boost Asian stock markets today.
Investors are also closely watching for clues about a plan to contain Europe's debt crisis. European leaders did not give details of the plan after meeting yesterday but are expected to do so on Wednesday.
"Oil is moving tick-for-tick with global equity markets, which in turn, are gyrating with the latest headline handicapping the euro bailout fund," energy trader and consultant The Schork Group said in a report.In other Nymex trading, heating oil rose US1.6c to $US3.03 agallon and gasoline futures jumped US2.1c at $US2.68 agallon. Natural gas slid US0.4c to $US3.63 a 1000 cubic feet.
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Benchmark crude for December delivery was up US65c at $US88.05 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.
The contract rose $US1.33 to settle at $US87.40 in New York on Friday.
Brent crude was up US70c at $US110.26 a barrel on the ICE Futures Exchange in London.
Japan's Finance Ministry said today that exports rose 2.4 per cent in September from a year earlier, marking the second consecutive month of growth as the country recovered from the March earthquake and tsunami.
Meanwhile, HSBC said today that its preliminary China Manufacturing Purchasing Managers Index, which measures industrial production, rose to 51.1 from 49.9 in September. A result above 50 indicates an expansion from the previous month. The preliminary indicator is often subject to substantial revision.
The Chinese and Japanese data also helped to boost Asian stock markets today.
Investors are also closely watching for clues about a plan to contain Europe's debt crisis. European leaders did not give details of the plan after meeting yesterday but are expected to do so on Wednesday.
"Oil is moving tick-for-tick with global equity markets, which in turn, are gyrating with the latest headline handicapping the euro bailout fund," energy trader and consultant The Schork Group said in a report.In other Nymex trading, heating oil rose US1.6c to $US3.03 agallon and gasoline futures jumped US2.1c at $US2.68 agallon. Natural gas slid US0.4c to $US3.63 a 1000 cubic feet.
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