Crude gains on positive PMI surveys in China and eurozone

03 December 2012 14:51  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude oil futures gained on Monday, pushed higher by positive manufacturing surveys from China and the eurozone.

By 14.19 GMT, the front-month December NYMEX WTI contract had touched an intra-day high at $90.06/bbl, a gain of $1.15/bbl compared with the previous settlement. The contract then edged a little lower to trade around $89.90/bbl.

At the same time, the front-month January ICE Brent contract was trading around $111.95/bbl, having touched an intra-day high earlier at $112.07/bbl, a gain of 84 cents compared with the previous close.

Crude oil futures found support from the HSBC purchasing managers’ index for China which showed the index rise to 50.50 in November. A figure above 50.00 points indicates that the sector is growing, the October reading came in at 49.50.

In Europe, Markit’s eurozone manufacturing Purchasing Managers Index rose to 46.20 in November from 45.40 in the previous month.

By: Kawai Wong
+44 20 8652 3214

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