US WTI crude futures open Wednesday’s trading session back over $101 a barrel, as oil prices were boosted by the latest growth data out of China, helping to ease concerns about an oil demand slowdown from the world’s second largest crude consumer.
Latest WTI Oil Price
US Light crude oil futures for March 2012 delivery was trading at $101.35 a barrel, 07.45 GMT today in electronic trading on the NYMEX.
The US oil contract closed off yesterday’s trading session at $100.71 a barrel, or 1.1 percent higher.
China Growth Figures
China’s economy grew 8.9 percent in the fourth quarter of 2011, although the figure was smaller than a year ago, it came in above many analysts expectations and remains well above rates in the US and Europe.
“If you ask me, 8.9 percent is still pretty good growth. If the bearish thing you’re seeing is growth of 8.9 percent, is that so bearish?” said Peter Donovan, vice president at oil options brokerage Vantage Trading in New York.
“People have overblown this whole idea that China is slowing down.” said Carl Larry, head of the trading advisory Oil Outlooks and Opinions in New York.
The oil market has increasingly turned to China and other emerging markets to support demand and prices in recent years, as the country continues to enjoy brisk growth despite weakness in the US and Europe.
That growth has helped feed surging demand for cars and energy, and has made China the second largest oil consumer after the US.
Originally posted here:
WTI oil trading over $101 a barrel boosted by latest China growth data
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