Oil drives higher on Chinese manufacturing report
by The Associated Press
Dec 04, 2012 | 755 views | 0 0 comments | 3 3 recommendations | email to a friend | print
NEW YORK -The price of oil is higher on word that China's manufacturing sector grew last month for the first time in more than a year.

Benchmark crude rose 93 cents to $89.84 per barrel in morning trading in New York. Earlier, oil topped $90 for the first time since Oct. 22.

An index measuring manufacturing in China showed expansion in November for the first time in 13 months. China is the world's second-largest economy after the U.S. and a huge consumer of oil. A better economy there suggests that energy consumption is likely to grow, pushing oil prices higher.

Also Monday, Greece revealed plans to spend up to $13 billion in a bond buyback program it hopes will help stabilize its mountainous debt.
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