Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    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    Bollywood actress vindicated over boyfriend's death after media hounding    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    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    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



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

Clic here to read the story from its source.