Oil rises as China shows signs of economic upswing

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Associated Press

Posted on December 10, 2012 at 7:02 AM

Updated Monday, Dec 10 at 8:01 AM

BANGKOK (AP) — The price of oil rose today after Chinese data showed higher growth in electricity consumption and industrial production.

Benchmark crude for January delivery was up 36 cents to $86.29 at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 33 cents to finish at $85.93 per barrel on Friday.

Signs that China's economy is recovering from a slowdown suggest there will be an increase in demand for energy to fuel its manufacturing industries.

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