Comments
Crude was up in Asia today on renewed optimism over the US economy, the world’s largest oil consumer, analysts said.
New York’s main contract, West Texas Intermediate for August delivery, rose 22 cents to $97.11 a barrel and Brent North Sea crude for August gained 18 cents to $113.79.
“The economic news coming out of the US has been good. Factory orders were up in May, and crude markets have reacted to this,” said Mr John Vautrain, an analyst for Purvin and Gertz international energy consultancy in Singapore.
Data released on Tuesday by the Commerce Department showed new orders for manufactured goods rose 0.8 per cent in May, after a 0.9 per cent drop in April.
The markets will also be watching reports due later this week about unemployment for signs of strength in the US economy.
However, worries over the impact of the euro zone debt crisis are expected to prevent crude prices from rising sharply, analysts said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.