International crude oil price rose marginally in recent trading sessions on the back of positive economic data from the US and the Europe.
Recent data from the US shows rebound in its services sector, which constitutes majority of the economy, in January and hence signals stronger demand for crude oil.
Price of crude oil rose also because of a slowdown in contraction of eurozone business activity. The slowdown in contraction offset fears about political uncertainty in Italy and Spain.
New York’s main contract, light sweet crude for delivery in March was trading around $96.68 a barrel and Brent North Sea crude for March delivery was hovering around $116.70 in recent sessions.
Economics research house pointed to a “broad-based” recovery in the manufacturing sector worldwide, which is supportive of energy demand.
The forward-looking purchasing managers’ indices for Latin America and emerging Asia “have risen rapidly since mid-2012 and the latest figures point to a turnaround in emerging Europe too, reports indicate.
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