Oil prices rose Monday on the prospect of increased demand from China after data showed an improvement in manufacturing. Benchmark U.S. oil for July delivery was up 58 cents to $103.29 a barrel at 0630 GMT in electronic trading on the New York Mercantile Exchange.
The contract fell 87 cents to close at $102.71 on Friday. Chinese data showed Sunday that manufacturing grew for the third consecutive month in May, suggesting a slowdown in the world’s second-largest economy is stabilizing. The China Federation of Logistics and Purchasing said that its monthly manufacturing index rose to 50.8 points in May on a 100-point scale on which numbers above 50 show activity expanding. It was the index’s highest level this year. Brent crude, a benchmark for international oils, added 34 cents to $109.75 a barrel in London. Traders are focused on U.S. jobs data set to be released later in the week that could prop up expectations for higher demand.
Source: AP