Brent crude up by more than $1/bbl on signs of China recovery

24 July 2012 06:54  [Source: ICIS news]

SINGAPORE (ICIS)--Brent crude rose by more than $1/bbl in Asian afternoon trade amid signs that China’s economy is improving, suggesting that Beijing's earlier easing measures are starting to work.

At 05:34 GMT, September Brent crude on London’s ICE futures exchange was trading at $104.40/bbl, up by $1.14/bbl from the previous close.

September NYMEX light sweet crude futures (WTI) were trading at $88.83/bbl, up by 69 cents/bbl on the previous close. Earlier, the US benchmark rose to a session high of $88.94/bbl, up by 80 cents/bbl.

China’s manufacturing activity rose to its highest level since February this year, but remained at a contraction for a ninth straight month in July, UK-based banking firm HSBC said on Thursday.

China is the world’s top energy consumer.

The HSBC flash purchasing managers’ index (PMI) rose to 49.5 in July from 48.2 in June, driven by the jump in the output sub-index, the bank said in a statement.

By: Nurluqman Suratman

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