West Texas Intermediate crude rebounded from its
lowest close in more than a week after manufacturing expanded at the
fastest pace this year in China, the world��s second-biggest oil
consumer. Brent slipped as Libya said one of its ports would reopen.
Futures gained as much as 0.6 percent in New York.
China��s Purchasing Managers�� Index climbed to 50.8 in May, the
National Bureau of Statistics and China Federation of Logistics and
Purchasing in Beijing reported yesterday. Libya��s Hariga port is set to
reopen after authorities approved salary payments to Petroleum
Facilities Guard members who are preventing crude loadings, according to
National Oil Corp.
WTI for July delivery increased as much as 64 cents
to $103.35 a barrel in electronic trading on the New York Mercantile
Exchange and was at $102.82 at 12:35 p.m. London time. It closed at
$102.71 on May 30, the lowest settlement since May 20. The volume of all
futures traded was about 34 percent below the 100-day average for the
time of day. Prices are up 4.5 percent this year.
Brent for July settlement erased earlier gains of
0.4 percent to trade 19 cents lower at $109.22 a barrel on the
London-based ICE Futures Europe exchange. The European benchmark crude
traded at a premium of $6.41 to WTI, compared with $6.70 on May 30.
Copy Source: Bloomberg
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