Markets

Oil prices mixed in Asian trade

Published January 24, 2013 Updated January 24, 2013 04:29am

 

New York's main contract, WTI light sweet crude for delivery in March gained 26 cents to $95.49 a barrel while Brent North Sea crude for

March delivery dropped 13 cents to $112.67.

"Traders have been moving from Brent to WTI," said Jason Hughes, head of premium client management at IG markets Singapore.

 

Sentiment was given a boost by data from British bank HSBC Thursday showing China's manufacturing activity in January hitting a two-year high.

 

HSBC's preliminary purchasing managers' index (PMI) climbed to 51.9 in January, its highest level since January 2011, and up from last month's 51.5.

 

A reading above 50 indicates expansion in the key sector, while one below signals contraction.

 

Qu Hongbin, a Hong Kong-based economist with HSBC, said: "Thanks to the continuous gains in new business, manufacturers accelerated production by additional hiring and more purchases.

 

"Despite the still tepid external demand, the domestic-driven re-stocking process is likely to add steam to China's ongoing recovery in the coming months."

Copyright AFP (Agence France-Presse), 2013