The prices of oil moved lower on Thursday, however, held above $107 a barrel, after significant improvement in Chinese manufacturing activity in July.
A manufacturing survey from China showed a rise in factory activity in July to its highest level in 18 months, a sign that People’s Bank of China (PBoC) stimulus measures were having a positive effect.
The HSBC China preliminary manufacturing Purchasing Managers’ Index advanced to 52 in July from 50.7 a month earlier indicating stronger growth in China bullish for oil demand.
Crude climbed faintly overnight after that the EIA report showed that oil inventories decreased by 4.0 million barrels while that global mounting tensions are still slightly affecting overall markets
This week’s EIA report showed that the U.S. commercial crude oil inventories decreased by 4.0 million barrels from the previous week. At 371.1 million barrels while that the total motor gasoline inventories increased by 3.4 million barrels last week.
In other NYMEX trading:
- NYMEX Gasoline fell 0.06% to trade at $285.85
- NYMEX Heating Oil lost 0.12% to trade at $287.20
- NYMEX Natural Gas gained 0.08% to $3.765