| Oil rises on strong U.S. manufacturing data |
| Last Updated(Beijing Time):2012-05-02 07:50 |
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Crude prices rose on Tuesday as U.S. manufacturing sector expanded at its fastest pace in 10 months in April.
The Institute of Supply Management (ISM) said its index of U.S. factory activity increased to 54.8 in April, 1.4 points up from the level a month earlier. It topped analysts' expectation of 53.0. Reading above 50 indicates expansion, while reading below 50 means contraction. The fast pace of U.S. manufacturing expansion eased concerns over U.S. economic slow-down, which have recently pressured the crude oil.
Besides, China's Purchasing Managers' index (PMI) rose to a 13- month high of 53.3 in April, which also helped boost the market sentiment.
Light, sweet crude for June delivery rose 1.29 dollars, or 1.23 percent to settle at 106.16 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for June delivery rose slightly by 19 cents, or 0.16 percent to close at 119.66 dollars a barrel. |
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