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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

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