Investing.com - PMI manufacturing gains may underpin oil, other commodities looking forward.
(NYSE:JPMorgan) Global Manufacturing PMI hit a 27-month high in November.
Strong correlation between PMI performance and commodity prices three and six months out.
Analysts see commodity prices up 9% on average over next three months, 11% over six.
Key issue will be compliance with OPEC output cut of 1.2 mn b/d, about 1% of global output.
Attention turns to chances for non-OPEC producers agreeing to 600,000 b/d cut.
Pick-up in prices also expected to see an increase in North American shale activity.