News Column

Crude Oil Steady Below USD103 On Strong Chinese Factory Data

June 2, 2014



WASHINGTON (Alliance News) - US crude oil futures were little changed Monday morning amid upbeat Chinese factory data and buoyant stocks. Figures released overnight showed China's factory activity expanded at its quickest pace in five months.

However, Japan's manufacturing output declined for the second consecutive month in May, a report by Markit Economics said.

Concerns about supplies from Ukraine and Libya continued to support oil prices.

Crude oil for July was up 12 cents at USD102.84 a barrel. Natural gas futures were up nearly 1% at USD4.579 per million btu.

On the US economic calendar, Markit is scheduled to release the final reading of its manufacturing purchasing managers' index for May at 9:45 am ET. Economists expect the index to be upwardly revised to 56.2 in May from 55.4 in April.

The Institute for Supply Management is due to release the results of its manufacturing survey at 10 am ET. The consensus estimate calls for an increase in the index to 55.5 in May from 54.9 in April. Also at 10 am ET, the Commerce Department will release its construction spending report for April.



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Source: Alliance News


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