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U.S. markets recover from steep losses
NEW YORK, Jan. 17 (UPI) -- Crude oil for February delivery headed back up to $101 per barrel in New York Tuesday with support from better-than-expected economic news from China.
China said its gross domestic product grew 8.9 percent in the fourth quarter of 2011.
"It was the perfect number for commodities. It was strong enough not to worry about a dramatic drop in demand, yet it was weak enough to imply 'we'll see,'" Phil Flynn, an analyst at PFG Best in Chicago told The Wall Street Journal.
"We'll see," meant that while demand was not collapsing, China may feel compelled to stoke the economy with further stimulus spending.
On the New York Mercantile Exchange, West Texas Intermediate crude oil added $2.33 to reach $100.95. Home heating oil gained 0.28 cents to $2.3.04 per gallon. Reformulated blendstock gasoline gained 0.71 cents to $2.7784 per gallon.
Natural gas prices rose 0.3 cents to $2.491 per million British thermal units.
At the retail level, the national average price of a gallon of unleaded gasoline fell to $3.381 per gallon Tuesday from Monday's $3.387, AAA said.
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