Investing.com – Oil futures nudged higher in the early part of Tuesday’s Asian session supported by an array of positive economic news that was published during Monday’s U.S. and European sessions.
On the New York Mercantile Exchange, light, sweet crude futures for August delivery inched up 0.10% to USD98.09 per barrel in Asian trading Tuesday after settling up 1.38% at USD97.89 a barrel on Monday in the U.S.
Encouraging data out of downtrodden Europe helped boost crude. U.K.-based Markit's final euro zone purchasing managers' index hit a 16-month high of 48.8 in June, beating market calls for a 48.7 reading, which pushed up prices of crude, a growth-sensitive commodity.
Spain’s manufacturing PMI rose to 50.0 in June, the highest level in two years, up from 48.1 in May and above expectations for a 48.5 reading.
The U.S., the world’s largest oil consumer, helped give oil bulls reason to cheer as well. In U.S. economic news out Monday, the Institute for Supply Management said its June manufacturing index rose to 50.9 from 49 in May. Economists expected a June reading of 50.6. Readings above 50 indicate expansion.
The Commerce Department said May construction spending jumped 0.5% following a 0.1% increase in April. Total spending rose to a seasonally adjusted annual rate of $874.9 billion in May, up 5.4% on a year-over-year basis.
Elsewhere, ongoing protests in Egypt coupled with the civil war in Syria concerned traders that oil supplies may not be able to come market. At least 16 people in Egypt have been killed in protests directed at toppling Mohammed Morsi’s regime.
Meanwhile, Brent futures for August delivery rose 0.23% to USD103.29 per barrel on the ICE Futures Exchange.
On the New York Mercantile Exchange, light, sweet crude futures for August delivery inched up 0.10% to USD98.09 per barrel in Asian trading Tuesday after settling up 1.38% at USD97.89 a barrel on Monday in the U.S.
Encouraging data out of downtrodden Europe helped boost crude. U.K.-based Markit's final euro zone purchasing managers' index hit a 16-month high of 48.8 in June, beating market calls for a 48.7 reading, which pushed up prices of crude, a growth-sensitive commodity.
Spain’s manufacturing PMI rose to 50.0 in June, the highest level in two years, up from 48.1 in May and above expectations for a 48.5 reading.
The U.S., the world’s largest oil consumer, helped give oil bulls reason to cheer as well. In U.S. economic news out Monday, the Institute for Supply Management said its June manufacturing index rose to 50.9 from 49 in May. Economists expected a June reading of 50.6. Readings above 50 indicate expansion.
The Commerce Department said May construction spending jumped 0.5% following a 0.1% increase in April. Total spending rose to a seasonally adjusted annual rate of $874.9 billion in May, up 5.4% on a year-over-year basis.
Elsewhere, ongoing protests in Egypt coupled with the civil war in Syria concerned traders that oil supplies may not be able to come market. At least 16 people in Egypt have been killed in protests directed at toppling Mohammed Morsi’s regime.
Meanwhile, Brent futures for August delivery rose 0.23% to USD103.29 per barrel on the ICE Futures Exchange.