The cost of oil fell sharply after rising during the day

Today, throughout the day, oil prices could rise above $ 112 per barrel, which was caused by signs emerged that the economic growth in China, which is the second-largest oil consumer, is gaining momentum. According to the latest data, the activity in the manufacturing sector in China rose in November, which was the first time in seven quarterly economic slowdown. The value of this index was 50.5 in November, indicating expansion in the sector. Remember, this is the first time in 13 months, when the figure exceeded 50. After these data, investors will be focused on the information on industrial production in China, as well as trade data, which will be released later this month, and will help to obtain confirmation of the likelihood of further sustainable growth.

Also some support oil prices have data from the U.S., which showed that the purchasing managers' index for the manufacturing sector rose in November to 52.8 level, while continuing to increase its in positive territory.

Oil also helps increase the tense situation in the Middle East, which is expressed in the ongoing clashes between Israel and Hamas.

But, despite this, the concern about the budget deficit and talks about the upcoming "financial cliff", checked the growth of oil prices.

January futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 89.21 dollars a barrel on the New York Mercantile Exchange.

January futures price of North Sea petroleum mix of mark Brent dropped 25 cents to 111.05 dollars a barrel on the London Stock Exchange ICE Futures Europe.