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Oil prices rise ahead of US production report for Dec.By Pamela Sampson, AP BANGKOK--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.
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