Crude oil rises on news of stronger than anticipated U.S. manufacturing

02-Jun-10
The Institute for Supply Management's manufacturing index fell to 59.7% in May from 60.4% in April, while the consensus forecast called for a decrease to 59%. This stronger than anticipated growth in key economic indicator has propped up oil prices. Oil for July delivery rose to US$74.3 on the Nymex, after falling on the last day of the previous month. On Monday, the dollar weakened against a basket of major currencies, but trade was thin with public holidays in the U.S. and U.K. Oil opened lower on a rising dollar, weak prospects for U.S. equities and demand from China.
  More News  Post Your Comment
{{comment.Name}} made a post.
{{comment.DateTimeStampDisplay}}

{{comment.Comments}}

COMMENTS

0

There are no comments to display. Be the first one to comment!

*

Name Required.

*

Email Id Required.

Email Id Not Valid.

*

Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.
*

Message Required.

Click to Change image  Refresh Captcha