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U.S. oil price gains on encouraging retail sales

English.news.cn   2014-01-15 06:05:41

NEW YORK, Jan. 14 (Xinhua) -- U.S. oil price rose Tuesday as retail sales of the United States surged more than expected in December.

U.S. retail sales edged up 0.2 percent in December following a downwardly revised 0.4-percent gain in November, the Commerce Department said, exceeding market forecasts.

U.S. business inventories rose 0.4 percent in November from the preceding month, the Department said in a separate report Tuesday.

Moreover, U.S. import prices recorded no change in December following two months of declines, while export prices advanced 0.4 percent, the Labor Department reported.

Solid retail sales data from U.S., the world's biggest oil consumer, helped turn the oil price higher.

The Energy Information Administration (EIA), the Energy Department's statistical arm, is scheduled to release its report covering U.S. crude supplies of last week Wednesday.

Traders expected crude inventories in the U.S. decreased 1.3 million barrels for a seventh consecutive week to 356.6 million barrels.

Light, sweet crude for February delivery moved up 79 cents to settle at 92.59 U.S. dollars a barrel on the New York Mercantile Exchange,while Brent crude for February delivery lost 36 cents to close at 106.39 dollars a barrel.

Editor: Mu Xuequan
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