National News

Dec 3, 2012 10:27 AM by AP

Oil drives higher on Chinese manufacturing report

NEW YORK (AP) - 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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