Blog > Oil and Energy > Blog article: Oil prices climb as U.S. factory data stronger than expected
 | Email This Article Email This Article  | 

Oil prices climb as U.S. factory data stronger than expected

Posted June 2, 2008

Oil prices climbed on Monday. Apparently, the U.S. economy isn’t quite as bad as most talking heads proclaim. And a slightly stronger-than-expected manufacturing report is enough to fuel bullish speculation. Light sweet crude for July delivery rose 41 cents to close at 127.76 dollars a barrel.

Baltimore — (TFN): In London, Brent North Sea crude for July climbed 24 cents to settle at 128.02 dollars.
Prices rebounded after the publication of the Institute for Supply Management (ISM) index of manufacturing activity, which rose to 49.6 in May, topping market expectations of a fall to 48.0 from 48.6 in April.
Although the reading still indicated reduced activity for the fourth straight month, it rose close to 50, above which readings indicate growth.

Crude oil has shed about eight dollars since striking record peaks of 135.14 dollars in London and 135.09 dollars in New York on May 22.

New York crude plunged five dollars last week, while London Brent shed about four dollars, falling in line with a recovering US currency that makes oil more expensive for foreign buyers and therefore dampens demand.

Finish this article on Monday’s oil price climb right here…

****Make sure you sign up for our FREE TFN News Feed for breaking news, special reports and new financial videos. Sign up through your favorite reader here. Or, if you prefer, have the feed delivered to your email.


Related Articles


Posted by TFN-Oil · Filed Under Oil and Energy 

Comments

close Reblog this comment
Powered by Disqus · Learn more
blog comments powered by Disqus