Oil rises after China trade exceeds expectations

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Associated Press

Posted on February 8, 2013 at 6:01 AM

BANGKOK (AP) — Oil prices rose above $96 a barrel today after China reported better-than-expected monthly trade data, a sign that its economic recovery is gaining traction.

Benchmark oil for March delivery was up 25 cents to $96.08 at midday Bangkok time in electronic trading on the New York Mercantile Exchange.

The contract fell 79 cents to finish at $95.83 on the Nymex yesterday after the head of the European Central Bank expressed concern over a recent rise in the euro. A strong euro hurts the export prospects of the 17 countries that use the common currency. It also tends to result in higher oil prices by making crude sold in dollars cheaper, and a more enticing investment, for traders using currencies other than the greenback.

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