Oil prices inch up on positive manufacturing data from China

02-Dec-13

Oil prices have inched higher -WTI for January delivery rose to US$93.2, while Brent North Sea crude inched up US$110.2. Oil prices rose in Asia on release of upbeat manufacturing data in China. As per official numbers, China’s manufacturing growth in November maintained its strong pace from the previous month to stay at a 19 month high. The purchasing managers’ index (PMI) was at 51.4, unchanged from October, and at the highest level since April 2012. A reading above 50 signals expansion, while a figure below indicates contraction.