Oil Ends Above USD 101 on Upbeat Consumer Confidence

   Date:2011/12/28

Crude prices ended above 101 dollars a barrel on Tuesday as investors welcomed a better-than- expected consumer confidence report.

A latest report from the Conference Board on Tuesday showed confidence among U.S. consumers rose to the highest level in eight months, suggesting American consumers were more upbeat about the economic outlook at the end of a turbulence year.

According to the New York-based organization, its Consumer Confidence Index rose to 64.5 in Dec. from 55.2 in Nov..

Meanwhile, the tension between Iran and western countries, violence in Iraq and unrest in Syria and Kazakhstan continued to push oil prices higher as investors worried the geographic risks might cause supply interruption.

Light, sweet crude for Feb. delivery jumped 1.66 dollars, or 1. 67 percent, to settle at 101.34 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for Feb. delivery also rose and last traded around 109 dollars a barrel.

Source:china.org.cn

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