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Oil Prices Rise on Upbeat U.S. Manufacturing Data
Jul 2,2013 10:45CST
industry news
Source:SMM
Oil prices gained Monday as data showed U.S. manufacturing rebounded last month.

NEW YORK, July 1 (Xinhua) -- Oil prices gained Monday as data showed U.S. manufacturing rebounded last month.

U.S. manufacturing Purchasing Managers' Index (PMI) came in better than expected. The index for June read 50.9, up from May's 49, the Institute for Supply Management (ISM) said Monday. The market analysts had expected the index to stand at 50.5.

Meanwhile, the U.S. construction spending rose 0.5 percent in May following a revised down 0.1-percent increase in April, the U. S. Commerce Department reported Monday.

These are signs of economy growth in the world's largest oil consumption nation and it's good for oil demand.

The concerns about protests in Egypt and the possible effect on oil supplies also lifted up the oil prices.

Traders are worried that the protests in Egypt and civil war in Syria could affect the oil production and transport in the Middle East.

The oil prices also followed the broad-based rallies of Asian and European equity markets on Monday. The Japanese benchmark stock index Nikkei ended 1.28 percent higher Monday on robust business report. European stocks also closed higher, supported by positive euro-zone PMI data.

Light, sweet crude for August delivery gained 1.43 dollars, to settle at 97.99 dollars a barrel on the New York Mercantile Exchange.

Brent for August delivery went up 0.84 dollars, to close at 103 dollars a barrel.

 

Oil prices

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