Investing.com – Crude oil futures edged higher in thin holiday trade on Monday, as strong U.S. manufacturing data on Friday eased fears of weakening demand in the world's largest oil consumer.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at USD95.05 a barrel during European morning trade, climbing 0.3%.
It earlier rose as much as 0.6% to hit USD95.48 a barrel, the highest price since June 30.
Trade was expected to be slim as the NYMEX floor trading was to remain closed for the U.S. Independence Day holiday. Electronic trades were to be booked with Tuesday’s transactions for settlement purposes.
The U.S. Institute for Supply Management said on Friday that its June manufacturing index came in at 55.3, above expectations for 51.5, marking the 23rd consecutive month of growth.
The U.S. is the world’s largest oil consuming country and manufacturing numbers are used as indicators for fuel demand growth.
Meanwhile, receding concerns over a Greek sovereign debt default also supported prices.
Euro zone finance ministers over the weekend authorized a EUR12 billion tranche of bailout funds for Greece and said details of a second aid package for Athens would be finalized by mid-September.
The dollar index, which measures the greenback against a basket of major currencies, was down 0.1% to trade at 74.51, after falling earlier to 74.41, the lowest level since June 9.
Oil prices typically strengthen when the U.S. currency weakens as the dollar-priced commodity becomes cheaper for holders of other currencies.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery eased up 0.05% to trade at USD111.59 a barrel, up USD16.49 on its U.S. counterpart.
On Friday, influential Wall Street investment bank Goldman Sachs lowered its 2011 Brent oil average price forecast by USD6 to USD8 a barrel from its current forecast of USD117, as a result of the International Energy Agency’s release of supply from strategic reserves.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at USD95.05 a barrel during European morning trade, climbing 0.3%.
It earlier rose as much as 0.6% to hit USD95.48 a barrel, the highest price since June 30.
Trade was expected to be slim as the NYMEX floor trading was to remain closed for the U.S. Independence Day holiday. Electronic trades were to be booked with Tuesday’s transactions for settlement purposes.
The U.S. Institute for Supply Management said on Friday that its June manufacturing index came in at 55.3, above expectations for 51.5, marking the 23rd consecutive month of growth.
The U.S. is the world’s largest oil consuming country and manufacturing numbers are used as indicators for fuel demand growth.
Meanwhile, receding concerns over a Greek sovereign debt default also supported prices.
Euro zone finance ministers over the weekend authorized a EUR12 billion tranche of bailout funds for Greece and said details of a second aid package for Athens would be finalized by mid-September.
The dollar index, which measures the greenback against a basket of major currencies, was down 0.1% to trade at 74.51, after falling earlier to 74.41, the lowest level since June 9.
Oil prices typically strengthen when the U.S. currency weakens as the dollar-priced commodity becomes cheaper for holders of other currencies.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery eased up 0.05% to trade at USD111.59 a barrel, up USD16.49 on its U.S. counterpart.
On Friday, influential Wall Street investment bank Goldman Sachs lowered its 2011 Brent oil average price forecast by USD6 to USD8 a barrel from its current forecast of USD117, as a result of the International Energy Agency’s release of supply from strategic reserves.