02 December 2013 15:49 [Source: ICIS news]
LONDON (ICIS)--NYMEX light-sweet crude oil futures gained more than $1.00/bbl on Monday after data was released indicating strong manufacturing in the US during November.
By 15:17 GMT, the front-month January NYMEX WTI contract touched an intra-day high at $93.75/bbl, a gain of $1.03/bbl compared to the previous settlement. The contract then edged a lower to trade around $93.55/bbl.
At the same time, the front-month January ICE Brent contract was trading around $110.25/bbl, having touched an intra-day high earlier at $110.50/bbl, a gain of 81 cents/bbl compared to the close on Friday.
According to Markit, US manufacturing soared to 54.70 points in November, up from 51.80 points in October indicating that the US manufacturing sector is growing.
Also adding to the bullish sentiment, over the weekend China released its official Purchasing Managers’ Index for November that showed a reading at 51.40, higher than forecast.
Further fuelling the upward pressure in the crude markets, Libyan oil production was heard to have risen to around 220,000 bbl/day, where 130,000 bbl/day is available for export. Although this is an improvement from recent weeks, the production level is far below its capacity at around 1.60m bbl/day.
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