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Mon Jul 1, 2013, 10:23 AM

 

Oil Rises on Manufacturing Data Amid Middle East Tension [View all]

By Moming Zhou - Jul 1, 2013

West Texas Intermediate crude rose for a fifth time in six days on signs of economic growth in the U.S. and Europe and amid concern than mass protests in Egypt might spread, affecting Middle Eastern oil supplies.

Prices gained as much as 1.7 percent as U.S. manufacturing rebounded last month, the Institute for Supply Management’s index showed. Euro-area manufacturing output contracted less than estimated, London-based Markit Economics said. Protesters stormed the Cairo headquarters of the Muslim Brotherhood as masses poured into Egypt’s streets demanding that President Mohamed Mursi step down.

“We are seeing signs of growth in the U.S. and it’s good for oil demand,” said Phil Flynn, senior market analyst at the Price Futures Group in Chicago. “We did get some strong data out of Europe. The protest in Egypt is making people concerned about oil supplies.”

WTI for August delivery advanced $1.52, or 1.6 percent to $98.08 a barrel at 10:04 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 10 percent below the 100-day average.

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http://www.bloomberg.com/news/2013-07-01/oil-roises-on-manufacturing-data-amid-middle-east-tension.html

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