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Price of oil futures rose, after the reported data showed that orders for durable goods in the U.S. increased, adding optimism that the economic recovery will boost demand for fuel.
Prices rose by 1% after the Commerce Department reported that orders rose in December by 4.6%, compared with a gain of 0.8% in November. Except for the 11.9% strength jump orders for transportation equipment, orders for durable goods rose by a more modest 1.3 per cent in December, compared with a 1.2 percent increase in November. Orders for durable goods excluding defense-products in the U.S. in December rose by 1.2%.
Meanwhile, support for oil prices also had reports of continued fighting in Egypt, which have lasted for five consecutive days, and the data showed that the amount of profits of Chinese industrial enterprises increased, possibly signaling a high demand.
We also recall that, according to information from the Energy Information Administration, oil consumption jumped by 3.9% in the week ended Jan. 18, while reaching 18.6 million barrels a day.
However, despite this positive trend, the oil could not hold its positions, and slightly decreased.
March futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 96.28 dollars a barrel on the New York Mercantile Exchange. Duration of the February futures expire today.
March futures price for North Sea petroleum mix of mark Brent dropped 25 cents to $ 113.08 a barrel on the London Stock Exchange ICE Futures Europe.
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