Crude oil rose on Monday above the $107 a barrel after upbeat Chinese data which countered concerns that demand on oil may falter in the US, the World’s largest oil consumer. Iran comments kept gains limited.
China’s non-manufacturing (services) PMI showed the first acceleration since March rising to 54.1 in July. The promising Chinese data signal that the economy of the world’s second largest hest oil consumer is stabilizing.
- Crude is trading around $107.27 a barrel after rising $0.33
- Brent is trading around $109.23 a barrel after rising $0.28
In the US the non-farm payrolls rose by 162,000 in July, the smallest gain in four months and below analysts` expectations, which may determine investors to question the strength of recovery in the world’s largest economy.
Weighing on prices on Monday is comments from Iranian President Hassan Rohani who pledged in his inaugural speech on Sunday to shun extremism and take a moderate approach. The US soon showed its willingness to work with Rouhani`s government.
Libya resumed shipments from an export terminal; all but one terminal in Libya were shut in July because of a labor dispute. Libya pumped about 800,000 barrels a day last month, from 1.13 million in June.
- Natural gas is trading at $3.322 per cubic feet after falling 0.75%
- Gasoline is trading at $2.9947 being unchanged
- Heating oil is trading at $3.0775 a gallon after rising 0.20%
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Crude Higher As China PMI Countered Weak Us Jobs Data
Published 08/05/2013, 05:33 AM
Updated 07/09/2023, 06:31 AM
Crude Higher As China PMI Countered Weak Us Jobs Data
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