Crude oil jumps on European, U.S. manufacturing reports
Published Jul 01, 2013 12:53PM ET
On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded up 1.38% at USD97.89 a barrel on Monday, off from a session high of USD98.28 and up from an earlier session low of USD96.08.
U.K.-based Markit's final euro zone purchasing managers' index hit a 16-month high of 48.8 in June, beating market calls for a 48.7 reading, which pushed up prices of crude, a growth-sensitive commodity.
Spain’s manufacturing PMI rose to 50.0 in June, the highest level in two years, up from 48.1 in May and above expectations for a 48.5 reading.
France’s manufacturing PMI came in at 48.4 compared to market calls for 48.3, but Germany’s manufacturing PMI came in at 48.6, missing expectations for a 48.7 reading.
Elsewhere, official data revealed that the euro zone's unemployment rate hit 12.1% in May from 12.0% in April, slightly lower than expectations for a 12.3% reading.
The euro zone's consumer price index rose to 1.6% in June from 1.4% in May, in line with expectations.
Across the Atlantic, manufacturing output is on the rise in the U.S. as well.
The Institute for Supply Management said its manufacturing purchasing managers’ index rose to 50.9 from 49.0 in May, above expectations for a reading of 50.5.
Concerns that protests in Egypt may spread to oil-rich nations in the Middle East and disrupt supply bolstered prices as well.
On the ICE Futures Exchange, Brent oil futures for August delivery were up 0.68% at USD102.86 a barrel, up USD4.97 from its U.S. counterpart.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.