The price of oil rose to US86.7 at the end of the previous week on positive signs for manufacturing in the U.S. and China. A survey of purchasing managers showed that manufacturing activity expanded in China this month. US data showed that the nation’s factories have rebounded from Superstorm Sandy. Both reports indicate that energy consumption could be on the upswing in the world’s two biggest economies.
However concerns abound about the government reaching a deal to reduce the U.S. budget deficit before the end of the year. Without an agreement, significant tax increases and government spending cuts will automatically take effect.
17-Dec-12 
