Over 1 million pilgrims benefit from golf cart service at Grand Mosque during Ramadan    Visitors welcomed with Eid initiative at Thee Ain Heritage Village in Al-Baha    Tebuk emir reviews rain response in Tayma    Saudi Arabia considers rent cap as part of major real estate reforms    Messi's bodyguard banned from touchline at Inter Miami games    Screen time in bed linked to insomnia, study finds    Le Pen vows to appeal political ban, calls verdict a 'denial of democracy'    Death toll from Myanmar earthquake rises to 2,719 as rescue efforts continue    Russia, Ukraine trade blame over new energy strikes    Putin orders Russia's largest military call-up in over a decade    Albania hosts MWL chief for Eid sermon at largest mosque in the Balkans    Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan    Saudi Transport Authority says passengers can ride for free if taxi meters are off    Ministry of Education forms 425 community partnerships with SR653 million impact    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    T1 CEO confirms Gumayusi's return for LCK Spring after lineup shakeup    100 Thieves claim Marvel Rivals Invitational NA crown as 2025 scene heats up    Bollywood actress vindicated over boyfriend's death after media hounding    Saudi Arabia hold Japan to goalless draw in Saitama to stay in World Cup hunt    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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Oil prices, stocks rise on China, US trade data
Published in The Saudi Gazette on 09 - 02 - 2013


NEW YORK/LONDON – Oil prices nudged above $96 a barrel on Friday after new reports showed better-than-expected trade data in China and the US trade deficit shrank in December to the lowest point in three years.Both pointed to a stronger global economy and more demand for oil.At midday benchmark crude for March delivery was up 48 cents to $96.31 per barrel on the New York Mercantile Exchange.In London, Brent crude, used to price international varieties of oil, rose $1.71 to $118.95 a barrel on the ICE Futures exchange.European stock markets rose Friday but the euro slipped against the dollar as investors took heart from upbeat Chinese and US economic data and EU leaders agreed on a seven-year budget for the 27-member union.London's FTSE 100 index of top companies gained 0.57 percent to close at 6,263.93 points, while Frankfurt's DAX was 0.81 percent higher at 7,652.14 and the CAC 40 jumped by 1.35 percent to 3,649.50 points in Paris.British banking stocks led the way, with Barclays gaining 2.09 percent to 298.6 pence and HSBC up by 2.33 percent to 716.7 pence.In foreign exchange trading, the European single currency slipped to $1.3373 from $1.3395 late Thursday in New York, after European Central Bank chief Mario Draghi gave a middling picture of the eurozone economy.The market's mood "certainly wasn't helped by Draghi's rather downbeat comments Thursday, but in some ways he has helped because the last thing Europe needs right now is a stronger currency," said Michael Hewson at CMC Markets.Gold prices stood at $1,668.25 an ounce Friday, nearly unchanged from $1,668 Thursday on the London Bullion Market."Smashing China's trade numbers – considered to be the most reliable indicators of Chinese economic performance – inspired gains" on stock markets, Gekko Markets analyst Anita Paluch said.On Wall Street, US stocks climbed in midday trading owing to an unexpected drop in the US trade deficit and the strong Chinese trade data, dealers said.The Dow Jones Industrial Average gained 0.33 percent, the S&P 500 index rose 0.51 percent and the tech-rich Nasdaq Composite Index added 0.89 percent.The US trade deficit shrank more than expected in December, to $38.5 billion instead of the $45.4 billion estimated by analysts.Meanwhile, China's trade surplus rose sharply in January, with both exports and imports beating expectations, as the country maintained its economic recovery on improving demand. Official data showed the world's second biggest economy posting a trade surplus that was 7.7 percent higher year-on-year at $29.2 billion in January, beating a median $26.6 billion forecast of economists in a Dow Jones Newswires survey.At the same time Chinese inflation slowed to 2.0 percent in January, the National Bureau of Statistics said, easing from a seven-month peak of 2.5 percent in December.In Brussels, European Union leaders finally clinched a deal on the bloc's 2014-2020 budget, succeeding where they had failed in November."Deal done!" summit chair and EU President Herman Van Rompuy said on Twitter after more than 24 hours of tough talks.British Prime Minister Cameron, who had argued that EU could not decide an increase at a time of austerity, said the agreement "shows that working with allies it is possible to take real steps towards reform in the European Union." — Agencies

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