Business News - Oil prices recover some ground

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Oil prices recover some ground

NEW YORK (UPI) -- Oil prices climbed above $78 per barrel during the weekend on the New York Mercantile Exchange on positive manufacturing news in Europe and China.

China's Purchasing Managers Index hit 55.4 in October, showing the fastest growth in 18 months, Marketwatch said. In Europe, the PMI in the 16 euro zone states reached 50.7, the first push into positive territory in 17 months.

Scores above 50 indicate growth, while scores below indicate a contraction.

In New York, oil prices added $1.04 cents from Friday to reach $78.04 per barrel, "slightly higher on the session after positive PMI figures from China, the world's second biggest oil user," an analysts at Action Economics wrote.

Gasoline prices added 0.0306 cents to $1.9901 per gallon. Heating oil prices added 0.0379 cents to $2.0431 per gallon.

Natural gas prices shed 0.185 cents to $4.86 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $2.691 per gallon Monday from Sunday's $2.693, AAA said.

Copyright 2009 by United Press International

This news arrived on: 11/02/2009

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