Oil back above 100 USD on China GDP
Oil price rose and returned to 100 U.S. dollars a barrel on Tuesday as China's economic growth beat expectation in fourth quarter, overcoming negativity of several European countries'credit ratings downgrades last Friday, Xinhua reported.
China's economic growth slowed to an annualized 8.9 percent, the slowest pace since mid-2009, but still beat the expectations of 8.7 percent. The economic data helped to lift the optimism in market.
Meanwhile, Empire State Manufacturing Survey showed manufacturing activity in the New York region picked up in January, rising from 9.53 to 13.48, the highest level in nine months, keeping in line with the trend of modest improvement in U.S. economic data.
Saudi Arabian Oil Minister Ali al-Naimi said that oil at 100 dollars a barrel is acceptable to the country. His comments also helped to support the oil price on Tuesday.
Light, sweet crude for February delivery gained 2.01 dollars, or 2 percent to settle at 100.71 dollars a barrel on the New York Mercantile Exchange.
In London, Brent crude for March delivery was slightly up and last traded around 111 dollars a barrel, gaining 0.2 percent.