|News||Crude hovers above $89 on US and European economies enhance outlook|
|Analysis||Crude traded above $89 per barrel today as the European and US economic outlook turns optimistic, where there are heightened expectations for a rise in demand on black gold.|
Crude today hovers around $89 per barrel recording its highest around $89.60 and lowest around $88.97, while currently is trading around $89.24 per barrel.
Crude traded higher above the US Commerce Department's data this week expected to show US growth quickened in the fourth quarter while today's data to show industrial orders accelerated in the euro area in November following the surprise rise in German business confidence in January as reported on Friday.
Crude last Friday traded around $89 per barrel recording its highest around $90.19 and lowest around $88.85 per barrel, closing around $89.15 per barrel. Futures rose last Friday and the dollar fell due to mixed stock markets performance, alongside expectations regarding China taking further measures to help its economy simmer down.
Moreover, despite greenback's decline against a basket of foreign currencies it did not assist in supporting crude prices, specifically since fears are overshadowing any optimism due to the Chinese economic growth and accelerating inflationary rates, which might force the People's Bank of China into further monetary tightening.
As for NYMEX as of 04:14 EST; motor gasoline rose $0.17 recording $246.300 per gallon; heating is trading around $266.140 per gallon inclining $0.40; whereas natural gasoline gained $1.22 to record $4.794. In London, Brent futures climbed $0.19 to record $97.790.