Oil Prices Rise on Signs of Increasing Demand

Signs of increasing growth in manufacturing helped push oil prices higher yesterday with US light crude gaining $1.08 before falling back and closing the day at $95.83 a barrel. The jump in oil prices came on the heels of the a report by the Institute of Supply Management (ISM) which showed US manufacturing grew in December at its fastest pace since May.

“All told, the December ISM index is consistent with a manufacturing industry on solid footing and an economy that re-accelerated in the fourth quarter,” said Ryan Sweet at Moody’s Analytics.

Source: BBC News

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