Crude made gains in Asia today as an unexpected narrowing of the US trade deficit and slowing Chinese inflation rate buoyed markets. New York's main contract, light sweet crude for delivery in December gained 10 cents to 85.19 dollars a barrel while Brent North Sea crude for December delivery was up 15 cents to 107.40 dollars.Commerce Department data showed that the US trade deficit narrowed in September to 41.5 billion dollars, down from 43.8 billion dollars in August, on a rebound in exports to a record level.Meanwhile in China, National Bureau of Statistics data showed the inflation rate of the world's largest energy consumer slowing to a gain of 1.7 percent year-on-year in October.
News On AIR | November 9, 2012 1:49 PM
Crude gains in Asia on back of narrowing US trade deficit & slowing Chinese inflation rate