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- Oil prices traded higher on the soft economic data from China and Eurozone
Oil prices traded higher on the soft economic data from China and Eurozone
Oil prices traded higher on the soft economic data from China and Eurozone. The Chinese preliminary HSBC manufacturing Purchasing Managers' Index (PMI) increased to 49.1 in May from 48.9 in April, missing expectations for a rise to 49.3. A reading below 50 indicates contraction of activity.
The output index dropped to 48.4 in May from 50.0 in April. It was a 13-month low. New export orders also declined.
This reading puts more pressure on the Chinese government to implement further stimulus measures.
Geopolitical tensions in the Middle East and yesterday's U.S. crude oil inventories figures also supported oil prices.
WTI crude oil for June delivery increased to $60.68 a barrel on the New York Mercantile Exchange.
Brent crude oil for June climbed to $66.82 a barrel on ICE Futures Europe.
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