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Oil in New York trading in a narrow range against the background of the positive macroeconomic data from the U.S. and the continuing uncertainty about the debt of Greece.
The volume of production orders in the U.S. in December registered the 2nd consecutive month of growth. It was another sign that the manufacturing sector continues to recover. In December, orders rose by 1.1% compared to November's rise of 2.2%, as reported today, the Ministry of Commerce in Washington. It was funded to some analysts' forecasts, expected to grow by 1.5%. In January, factories increased employment record over the past 12 months, rate, and duration of the working week was the highest in the last 14 years, as reported today, the Ministry of Labour. U.S. companies need to replenish stocks and maintain equipment that is likely to support the level of activity in the manufacturing sector.
Nevertheless, the debt crisis in Europe could limit export growth, which creates certain risks for American manufacturing companies. The pressure on the futures continue to speculation about the role of the European Central Bank and eurozone governments in resolving the debt problem in Greece.
March futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) traded in a range of 96.01 - 97.47 dollars per barrel.
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