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Oil prices rise as China's economy rebounds
NEW YORK (AP) — Oil prices ticked higher today as OPEC said the world would consume more crude in 2010 than previously expected, and China said its economy improved.
Benchmark crude for December delivery added 9 cents to $79.14 a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery rose 35 cents to $77.85 on the ICE Futures exchange.
The Organization of Petroleum Exporting Countries revised its previous estimates for global oil demand growth to 750,000 barrels per day, up 50,000 barrels a day from last month’s estimate.
But OPEC also warned that higher oil prices “could dampen world oil demand in the coming year.”
Meanwhile, China said industrial output and retail sales rose sharply, and exports fell by the smallest amount in 10 months.
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We need to stop buying so many items from China and start opening companies in America so people have jobs in this country. Raising the costs of crude is not helping this recession and costs of all petroleum products need to be reduced. Gas / diesel fuel / heating fuels down to $1.00 a gallon with a 50 % reduction in all other petroleum products. Chinese governing officials also buy investments in crude oil is it so they can double dip ? Need to start pumping all of that Alaskian pipeline oil into America at a very low cost for all taxpayers whom paid to have it installed !!