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Oil rises as China, Europe factories ramp up
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Oil had its first gain of the week yesterday, driven by a rebound in manufacturing in China and Europe.
US benchmark oil for October delivery rose US$1.18 to close at US$105.03 a barrel on the New York Mercantile Exchange.
Oil fell US$3.61 a barrel, or 3.6 percent, over the first three days of the week mostly due to expectations that the Federal Reserve will start phasing out its monetary stimulus, possibly starting next month. The manufacturing data overrode those concerns, at least for a day.
The eurozone's purchasing managers' index, a key gauge of growth in both the manufacturing and services sectors, rose to 51.7 points in August from 50.4 in July, according to financial information company Markit. It was the highest reading since June 2011 and supported expectations that the eurozone's recovery from recession is gaining momentum.
As for China, HSBC Corp. said the preliminary version of its monthly purchasing managers index for Chinese manufacturing rose to 50.1 for August, a sharp improvement from July's figure of 47.7.
Elsewhere, North Sea Brent, the benchmark for international crudes, rose 9 cents to US$109.90 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Heating oil slipped 1 cent to US$3.07 per gallon.
— Natural gas rose 9 cents to US$3.55 per 1,000 cubic feet.
— Wholesale gasoline gained 3 cents to US$2.96 per gallon.
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