NEW YORK, Oct. 25 (Xinhua) -- U.S. oil price gained Friday as orders for durable goods in September in the United States increased the most in three months.
New orders for manufactured durable goods in September increased 3.7 percent to 233.4 billion U.S. dollars, the Commerce Department said Friday, beating market consensus of a 2.3-percent gain.
Traders believed the increasing durable goods order would suggest strong demand for oil, giving the market some support.
A bunch of encouraging corporate earnings also supported oil prices. On Friday, Procter & Gamble reported its profit rose 8 percent to 3.03 billion dollars from last year, better than market forecast.
The e-commerce giant Amazon.com Inc posted a 24-percent jump in third-quarter net sales that exceeded market estimates.
The China flash Purchasing Managers'Index (PMI) rose to 50.9 in October from 50.2 in September, HSBC said Thursday, exceeding market consensus of 50.4.
The pick-up of the China flash PMI suggests that growth momentum may hold up in October in the world's second largest oil consumer. Solid Chinese economic data suggested an improved outlook for energy demand.
Light, sweet crude for December delivery increased 74 cents to 97.85 dollars a barrel on the New York Mercantile Exchange, while European benchmark Brent crude for December delivery lost 6 cents to close at 106.93 dollars a barrel.