Oil rose more than a $1 a barrel on increased optimism the global economy is recovering after the release of stronger manufacturing data from the US. Light Crude increased $1.13 on Monday to close at $78.13 and London Brent Crude rose $1.35 t $76.55.
“A string of economic data led by higher US manufacturing numbers gave the oil markets a shot in the arm,” said Phil Flynn, an analyst at PFGBest Research in Chicago. “Oil futures are still trading in the recent range here, but the market is sensing that, if manufacturing continues to be strong, that will translate into higher demand for oil.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by Scott Boyd (see all)
- Japan’s Demographic Trap - 25 June 2012
- Officials Talk Openly of Greek Euro Exit - 16 May 2012
- Greek Voters Prepare to Roll the Dice - 15 May 2012