CCTV.com - CNTV English - CCTV News

Oil surges on strong economic data, weaker dollar

12-02-2010 08:46 BJT

Crude prices rebounded sharply Wednesday as strong economic data from U.S. and China and weaker dollar boost the demand.

Oil traders seemed more optimistic about the global economy after a series of positive reports.

U.S. monthly data from payroll processing firm ADP showed an unexpectedly gain of 93,000 private sector jobs in November. It marked the biggest gain in three years and came in much higher than the 58,000 gain expected by analysts.

In a separate report, the Institute for Supply Management said its index of national factory activity was 56.6 in November, well above the 50 level which indicates expansion.

According to the China Federation of Logistics and Purchasing ( CFLP), the Purchasing Managers Index (PMI), a gauge of business activity, rose to 55.2 percent last month from 54.7 in October, marking an increase for the fourth consecutive month.

On Wednesday, it is reported that the U.S. promised to commit more money to International Monetary Fund in helping out debt- burdened Europe, which caused euro to grow against dollar. A weaker dollar made crude oil more attractive for buyers using foreign currencies.

Light, sweet crude for January delivery surged 2.64 U.S. dollars, or 3.14 percent to 86.75 U.S. dollars a barrel on the New York Mercantile Exchange.

Editor:Du Xiaodan |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program