World oil prices rise on Monday against the publication of preliminary data on managers' index for purchases in China, as well as the expectations of the final steps to bring the EU out of the debt crisis on Wednesday, according to the auction.
The cost of the December futures on U.S. light crude oil WTI (Light Sweet Crude Oil) in electronic trading in New York as of 09:00 Moscow time has grown to $ 0.72, or 0.82% — up to 88 12 dollars per barrel. December futures price for North Sea petroleum mix of mark Brent rose 0.69 dollars or 0.63% — up to 110.25 dollars per barrel.
According to preliminary estimates, the managers' index for purchases in China in October rose to 51.1 points from 49.9 points a month earlier. The markets interpreted these data as an indication of the lack of a sharp drop in economic threat to the pace of the world's largest consumer of «black gold».
Also, bidders are optimistic awaiting the outcome of EU summit on Wednesday. As a result of a similar event on the eve of any final decisions on recapitalization of banks or expansion of the European Foundation finstabilnosti was announced, but the head of the European Council Herman van Rompuy said that the ministers of finance and economy of the EU proposed a plan to recapitalize banks on Saturday at about $ 107-108 billion euros.
«The market is still driven by hope,» — says the managing director of Commodity Broking Services Pty in Sydney, Jonathan Barratt (Jonathan Barratt), whose comments lead agency Bloomberg.
On Saturday, became aware of the death of Saudi Arabia Prince Sultan bin Abdul Aziz. According to Barratt, a certain nervousness in the markets associated with the event, may have an impact on the oil quotations, because the country is one of the world's leading exporter of raw materials.