Oil Prices Climb On Demand Optimism
WASHINGTON (dpa-AFX) - Oil prices advanced on Tuesday, with Brent crude futures climbing above $70 per barrel to trade at their highest since March on growing optimism over fuel demand outlook.
Brent crude futures for Aug delivery jumped over 2 percent to $70.73 a barrel, while WTI crude futures for July settlement were up as much as 2.7 percent at $68.10 per barrel.
As lockdown restrictions ease around the world and vaccination gathers pace, analysts expect oil demand growth to outstrip supply in the next quarter despite the possible return of Iranian crude and condensate exports.
Surveys showed earlier the day that factory activity continued to expand in key Asian economies in May, thanks to an ongoing recovery in global demand.
Reuters
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Euro zone manufacturing activity expanded at a record pace in May, according to a survey on Tuesday which suggested growth would have been even faster without supply bottlenecks that have led to an unprecedented rise in input costs.
The bloc s economy has been ravaged by the coronavirus pandemic over the past year, with governments forcing much of the region s dominant service industry to close. But factories largely remained open, and restrictions in various countries have gradually been eased.
IHS Markit s final Manufacturing Purchasing Managers Index (PMI) rose to 63.1 in May from April s 62.9, above an initial 62.8 flash estimate and the highest reading since the survey began in June 1997.
WASHINGTON (dpa-AFX) - Crude oil prices rose sharply on Tuesday and lifted the most active oil futures contracts to their highest settlement in over two and a half years.Oil prices rose amid optimism
Dollar Turns In Mixed Performance Against Other Major Currencies
WASHINGTON (dpa-AFX) - The U.S. dollar turned in a mixed performance against its peers on Tuesday, as the currencies reacted to a slew of economic data from across the globe.
Data from Markit Economics showed that the IHS Markit U.S. manufacturing index in May was at 62.1 versus an initial 61.5.
Manufacturing activity in the U.S. expanded at a slightly faster pace in the month of May, according to a report released by the Institute for Supply Management.
The ISM said its manufacturing PMI inched up to 61.2 in May from 60.7 in April, with a reading above 50 indicating growth in the manufacturing sector. The uptick surprised economists, who had expected the index to come in unchanged.
European Markets Close On Upbeat Note On Buoyant Economic Data
BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European markets closed on an upbeat note on Tuesday with several benchmark indices from the region posting new all-time highs, amid rising optimism about global economic recovery.
Stronger than expected economic data from China, and factory activity and inflation data from the euro area underpinned sentiment.
An announcement from French finance minister that the government will set up a 3 billion euro fund to support mid-sized and large companies as they emerge from the pandemic crisis helped as well.
The pan European Stoxx 600 climbed 0.75%. The U.K. s FTSE 100 surged up 0.82%, Germany s DAX advanced 0.95% and France s CAC gained 0.66%, while Switzerland s SMI ended 0.63% up.