Oil regains ground after sharp sell-off
December 8, 2012, 12:13 am TWN
BANGKOK--Oil prices rose moderately Friday, clawing back some of the ground lost during a sharp sell-off the day before, as traders awaited a slew of economic data from China.
Benchmark oil for January delivery was up 30 cents to US$86.56 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell US$1.62, or 1.8 percent, to finish at US$86.26 per barrel in New York.
Brent crude, which is used to price international varieties of oil, rose 42 cents to US$107.45 per barrel in London.
In other energy futures trading on the New York Mercantile Exchange:
— Heating oil rose 0.7 cent to US$2.95 per gallon.
— Wholesale gasoline rose 1.4 cents to US$2.610 per gallon.
— Natural gas rose 0.4 cent to US$3.67 per 1,000 cubic feet.
Prices moved higher ahead of the anticipated release of inflation, retail sales and factory output data from China on Sunday.