Crude prices climb on uprising demand expectation

08:24, December 22, 2010      

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Crude prices on Tuesday climbed for the third straight day to near 90 U.S. dollars a barrel on higher demand expectation.

Oil traders felt optimistic about U.S. economy growth in the coming year, bolstering demand in the world's biggest oil- consuming country. Final GDP data scheduled to be released by the Commerce Department on December 22 will probably show growth of 2. 8 percent in the third quarter, up from an estimate of 2.5 percent last month, according to analysts.

Following up Europe and northeastern United States, northeastern China began to suffer from harsh winter. Freezing cold weather boosted the fuel demand expectation.

U.S. Energy Information Administration will report the weekly U. S. crude inventories data, which is predicted to fall by the market in a sign of rising demand.

Light, sweet crude for February delivery rose 45 cents to 89.82 dollars a barrel on the New York Mercantile.

Brent North Sea crude for delivery in February climbed 46 cents to 93.20 dollars a barrel in London trade.

Source: Xinhua
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