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

  • Zimmer's quarterly earnings up 16%
    Zimmer Holdings Inc. today reported second-quarter earnings of $176.5 million, or $1.03 per diluted common share, on net sales of $1.18 billion. That's a 16 percent increase from the $152.1 million, or 89 cents a share, on sales of $1.17 billion
  • GM quarterly profit falls 85% on recall costs
    DETROIT – Recall expenses chopped $1.5 billion from General Motors’ bottom line in the second quarter, as it added up the costs of repairs for nearly 30 million cars and set aside funds to compensate victims of small-car crashes.
  • China detains employees of suspect meat seller
    Five employees of a company accused of selling expired beef and chicken to McDonald’s, KFC and other restaurants in China were detained by police Wednesday after an official said illegal activity was an organized effort by the
Advertisement

Oil rises as China shows signs of economic upswing

BANGKOK (AP) — The price of oil rose Monday after Chinese data showed higher growth in electricity consumption and industrial production.

Benchmark crude for January delivery was up 36 cents to $86.29 at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 33 cents to finish at $85.93 per barrel on Friday.

Signs that China's economy is recovering from a slowdown suggest there will be an increase in demand for energy to fuel its manufacturing industries.

The Chinese government reported Sunday that factory output increased 10.1 percent from a year earlier, compared to the previous month's rise of 9.6 percent year-on-year. Retail sales rose 14.9 percent, up from October's 14.5 percent.

Electricity consumption rose 7.9 percent in November from 6.4 percent in October, according to Natalie Rampono, a commodities analyst with ANZ Banking Group in Melbourne.

Analysts were still assessing Chinese trade data released earlier Monday that showed export growth declining and imports at a standstill.

"Markets were expecting improvement in imports in crude," Rampono said. "That was the expectation. That imports had increased in November."

Brent crude, which is used to price international varieties of oil, rose 43 cents to $107.45 per barrel, on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Heating oil rose 0.1 cent to $2.926 per gallon.

— Wholesale gasoline rose 1.6 cents to $2.613 per gallon.

— Natural gas fell 5.9 cents to $3.492 per 1,000 cubic feet.

Advertisement