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Markets

Brent rises over $1 to $109.26 after China data

Published October 24, 2012 Updated October 24, 2012 05:16am
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By Imad Uddin
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brent-crudeSINGAPORE: Brent futures rose more than $1 a barrel on Wednesday, snapping a six-day losing streak, after economic data from China suggested a strengthening recovery in the world's No. 2 oil consumer.

 

The European benchmark rose more than $1 to as much as $109.28 a barrel by 0456 GMT. It fell for a sixth straight session on Tuesday, when it hit an intraday low of $107.31, the weakest since Sept. 20 and below its 100-day moving average at $107.42.

 

US oil gained 71 cents to $87.38, snapping a four-day decline.

 

Copyright Reuters, 2012

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