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Oil prices get boost from China manufacturing

On Thursday the international crude oil prices rebounded slightly after the day before the big drop, due to a survey showed that China's manufacturing industry is on the rise.
In Europe afternoon, march delivery benchmark crude oil rose 29 cents to a barrel on the New York mercantile exchange electronic trading at $95.52.
On Wednesday, the contract after the fall, crude oil shipments $1.45, through the channel of the pipeline from Cushing, Oklahoma, in the gulf coast refineries cut to less than half, because the end of the limited ability.
However, the emotional drive, hope in Chinese demand may rise. HSBC bank monthly purchasing managers' index, the index measure of China's manufacturing activity, in January, 51.9 for the fifth consecutive month rise from December 51.5. The index is higher than that in fifty manufacturing expansion 100 points. More manufacturing means more energy consumption, this should promote high oil prices.
The report is further evidence that China's economy is in a mild recovery from the 2008 world financial crisis caused by the downturn. In the last quarter of last year, China's economy grew by 7.9% in the second quarter, from 7.4%, according to data released earlier this month.
Brent crude oil used in international oil varieties of price, fell 16 cents, to $112.64 a barrel on the ICE futures exchange in London.
In the New York mercantile exchange other energy futures trading:
- wholesale gasoline down 0.85 cents, to $2.8404 a gallon.
- gas up 0.9 cents at $3.563 per 1000 cubic feet.
- heating oil down 0.18 cents, to $3.0634 a gallon.



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