Friday, 23 October 2015

Oil prices up on upbeat economic data, ECB stimulus moves

Oil prices extended gains into a second day in Asian trade on Friday, finding support from brighter economic data and a global stock market rally after the European Central Bank signaled its willingness to launch more stimulus measures. 
Brent for December delivery rose 36 cents to USD 48.44 a barrel at 10.52 p.m. ET after settling up 23 cents in the previous session.
 US crude for December delivery climbed 22 cents to USD 45.60 a barrel, having risen 18 cents previously. 
The gains followed a slew of upbeat economic data, while ECB president Mario Draghi said new Eurozone pump priming initiatives could be unveiled as soon as December. 
"It's all about the numbers," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance. 
"The market is taking the view that governments will not allow economies to falter.
 These expectations suggest more active economic development will force consumption to go up," he said. 
Average new home prices in China rose in September for a fifth straight month, according to Reuters calculations from official data published on Friday.

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