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Economic Growth Around the World Spurs Prices for Crude

February 5, 2013 at 19:59 by Vladimir Vyun

Crude oil rose today as signs of global economic growth spurred hopes that demand for fuel will increase. The US services Purchasing Managers’ Index was at 55.2 percent in January, near the December’s 10-month high.

Other countries also showed signs of growth. The eurozone services PMI unexpectedly advanced from 48.3 to 48.6 in January. The China services PMI rose from 51.7 to 54.0 last month.

Futures for delivery of WTI crude oil in March rose $0.56 (0.57 percent) to $96.73 per barrels as of 19:54 GMT on NYMEX today. March contract for Brent crude advanced $0.94 (0.80 percent) to $116.54 per barrel on ICE.

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