Oil News

Crude oil raised above 53$ a barrel as data from the world second oil consumer China shoed positive signs in the manufacturing sector

Crude Oil Pushes higher as Economic Activity Picks Up

Crude oil raised above 53$ a barrel as data from the world second oil consumer China shoed positive signs in the manufacturing sector

Crude oil raised above 53$ a barrel as data from the world second oil consumer China shoed positive signs in the manufacturing sector. Strong gains on Friday had been spurred by improved U.S. consumer confidence, as well as a Reuters survey that showed OPEC oil supply had fallen for an eighth consecutive month. “We started to look at the green shoots in the United States and now we’re starting to look at what I like to call the bamboo shoots,” said Olivier Jakob of Petromatrix. “As long as these keep investors hoping economic growth is not that far away, the price should be relatively well supported.” The May future contract on the crude oil traded around the levels of 53.10$ a barrel at 9:35(GMT).