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NYMEX crude prices top $106 per barrel
NEW YORK, Aug. 9 () -- Crude for September delivery topped $106 per barrel in New York Friday as investors considered bullish economic data from China.Factory output in China rose 9.7 percent in July on an annual basis, slightly more than expected. On Friday, the U.S. Energy Information Administration forecast China would be the world's largest oil importer by the end of the year. Demand is expected to grow 13 percent from 2011 to 2014, the EIA said.Investors are also reacting to a decline in the U.S. unemployment rate,[url=http://www.chronotime.net/]louboutin outlet[/url], which fell to 7.4 percent in July on a gain of 162,000 jobs.A lower unemployment rate sends a mixed message. Many workers have given up looking for work, which decreases the labor pool,[url=http://www.apollo13show.com/]michael kors coupon[/url], helping lower the unemployment rate. As an added twist, the U.S. Federal Reserve has said it would adjust its accommodating monetary policy if the unemployment rate fell to 6.5 percent or less. A lower unemployment rate sounds welcoming but investors know it will eventually signal an end to historically low interest rates, the Fed's quantitative easing program or both.On the New York Mercantile Exchange, West Texas Intermediate crude oil added $2.70 to $106.10 per barrel. Reformulated blendstock gasoline gained 5.05 cents to reach $2.9081 per gallon. Home heating oil added 3.75 cents to reach $2.9949 per gallon.Natural gas shed 6.7 cents to $3.23 per million British thermal units.At the pump, the national average price for a gallon of unleaded regular gasoline was $3.577, down from Thursday's $3.589, the AAA Fuel Gauge report said.