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Oil prices traded higher
Oil prices traded higher. The Chinese preliminary HSBC manufacturing Purchasing Managers' Index (PMI) weighed on oil prices. The Chinese preliminary HSBC manufacturing Purchasing Managers' Index (PMI) increased to 49.6 in June from 49.2 in May, exceeding expectations for a rise to 49.4. A reading below 50 indicates contraction of activity. The output index hit 50.0 in June. New export orders increased.
The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data today, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Wednesday.
WTI crude oil for August delivery increased to $60.94 a barrel on the New York Mercantile Exchange.
Brent crude oil for August rose to $64.15 a barrel on ICE Futures Europe.
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