Oil ends first trading day of 2011 at 27-month high

08:57, January 04, 2011      

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Crude prices on Monday ended the first trading day of 2011 with a 27-month high on positive economic data and cold weather forecast.

Data released on Monday gave more evidences about the improving economy of the biggest oil consumer, boosting the oil demand expectation.

According the Institute for Supply Management, U.S. manufacturing jumped to 57.0 in December, it's growth for the 17th straight month. New orders have moved above 60 for the first time since May, at 60.9.

U.S. construction spending rose more than expected 0.4 percent in November to touch its highest level in five months, a separate report from the Commerce Department showed.

And the weather forecast said, the entire United States would suffer from below normal temperatures in 6 to 10 days. Europe would also confronted cold weather, which would cause demand of heating oil to surge.

Light, sweet crude for February delivery rose 17 cents to 91.55 U.S. dollars a barrel on the New York Mercantile Exchange.

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