You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Macy’s to pay $650,000 in shopper-profiling probe
    The retailer Macy’s has agreed to pay $650,000 to settle allegations of racial profiling at its flagship store in Manhattan’s Herald Square.
  • Area joblessness up to 6%
    Metro Fort Wayne unemployment has increased for three consecutive months. Not to worry. It just means more people are seeking work than are being hired.
  • Trailer firmto expand Angola plant
    Rockwell American is investing more than $325,000 over the next four years to expand its Angola sales and distribution facility as it creates up to 16 jobs by 2017, Steuben County officials announced Tuesday.
Advertisement

Oil hovers near $89 as China production improves

BANGKOK (AP) — The price of oil hovered around $89 a barrel Monday as investors focused on signs that China's economy may be picking up after a prolonged slowdown.

Benchmark crude for January delivery was up 2 cents to $88.93 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 84 cents to close at $88.91 in New York on Friday.

Surveys by the state-sanctioned China Federation of Logistics & Purchasing and HSBC Corp. showed China's manufacturing is expanding.

Signs of recovery in a major economy typically herald an increase in energy consumption and therefore push oil prices higher.

In Europe, German lawmakers approved further aid to Greece on Friday, raising hopes that Europe will continue to slowly heal from its debt crisis. Increased European economic activity could also push up global oil demand.

Oil had its first monthly gain in four months in November, but is still trading below the 2012 average of $94.65 per barrel.

In London, Brent crude was up 3 cents at $111.26.

In other energy futures trading on the New York Mercantile Exchange:

— Heating oil was unchanged at $3.061 per gallon.

— Wholesale gasoline rose 0.1 cent to $2.731 per gallon.

— Natural gas rose 3.7 cents to $3.598 per 1,000 cubic feet

Advertisement