Oil News

Crude Oil rises as China’s manufacturing growth continues easing fears

Crude Oil rises as China’s manufacturing growth continues easing fears

Crude Oil is trading at $70.30 as of 9:27am, London Time. Crude Oil’s Pool-Position is 65% Long, meaning that most Finotec clients are buying the commodity.

Crude oil rose above $70 a barrel, reversing earlier losses, after a report showed manufacturing in China expanded in August, easing concern of an economic slump in the world’s second-largest energy user. Traders said they were looking ahead to the release of a key gauge of U.S manufacturing activity in August and weekly crude inventory data later on Tuesday, both of which were expected to show a rebound in the U.S. economy and oil consumption. In the United States, the Institute for Supply Management’s manufacturing gauge was due at 1400 GMT and expected to have risen to 50.5 in August from 48.9 in July, which would bring it into positive territory for the first time since the recession began, a Reuters poll of economists showed. Crude Oil is trading at $70.30 as of 9:27am, London Time. Crude Oil’s Pool-Position is 65% Long, meaning that most Finotec clients are buying the commodity.