World oil prices rise on Monday against the publication of preliminary data on managers’ index for purchases in China, news agency RIA Novosti reported with reference to these tenders.
The cost of the December futures on U.S. light crude oil WTI (Light Sweet Crude Oil) in electronic trading in New York at 14.46 GMT rose by 0.71 dollars or 0.81% – up to 88.11 dollars per barrel. December futures price for North Sea petroleum mix of mark Brent rose by $ 1.02, or 0.93% – up to 110.58 dollars per barrel.
“The bottom line is that the weak demand in developed countries offset rising in developing”, – said an analyst with Jefferies Bache Christopher Bellew.
According to preliminary estimates, the managers’ index for purchases in China in October rose to 51.1 points from 49.9 points a month earlier. The markets interpreted these data as an indication of the lack of a sharp drop in economic threat to the pace of the world’s largest consumer of “black gold”.
Bidders are optimistic awaiting the outcome of EU summit on Wednesday. As a result of a similar event on the eve of any final decisions on recapitalization of banks, or enlargement of the European Foundation finstabilnosti was announced, but the head of the European Council Herman van Rompuy said that the ministers of finance and economy of the EU proposed a plan to recapitalize banks on Saturday at about $ 107-108 billion euros.