Brent remain close to $ 111 after positive Chinese data

By : mina sabry

On : 7:39:00 AM

In : business

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Brent crude remained near $ 111 a barrel on Thursday, as the Chinese economy showed new signs of recovery, boosting oil demand forecasts, though gains were expected for the ore is limited because the truce in the Gaza Strip eased concerns about supplies.

The accelerated growth of the manufacturing sector huge in China in November for the first time in 13 months, and oil prices were supported also by a sudden drop in U.S. crude stocks.

The fall in the price of Brent crude 32 cents to $ 110.54 a barrel by 0718 GMT, after rising earlier to $ 111.17.

The U.S. light crude rose 11 cents to 87.49 dollars a barrel, supported by lower by 1.47 million barrels in domestic crude stocks last week despite analysts' forecasts, up 900 thousand barrels stocks.

Said Tony Nunan, risk manager at Mitsubishi Corp, "I'm surprised because the price of Brent is very high, and that there are many predictions that every weakness witnessed by China will end with the new leadership took responsibility but it seems they are not in a hurry to use a strong stimulus.