Oil prices rise ahead of US production report for Dec.
By Pamela Sampson, APBANGKOK--Oil prices rose slightly ahead of the release of U.S. industrial production data for December that analysts expect will show additional evidence of a gradual economic recovery.
January 17, 2013, 12:03 am TWN
Benchmark oil for February delivery was up 2 cents to US$93.53 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped 86 cents to finish at US$93.28 a barrel in New York on Tuesday.
“A likely strong reading for U.S. industrial production in December will provide more evidence of U.S. recovery, albeit a gradual one,” analysts at Credit Agricole CIB in Hong Kong said in a market commentary.
Ric Spooner, chief market analyst at CMC Markets in Sydney, said oil prices were reflecting caution as another heated fiscal debate began brewing in Washington.
“They are up a little, but broadly they are still trading pretty well where they were last week and within that range,” Spooner said.