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Oil prices rise on upbeat economic data

English.news.cn   2013-12-03 05:28:41            

NEW YORK, Dec. 2 (Xinhua) -- Oil prices gained Monday as U.S. manufacturing sector unexpectedly expanded in November.

U.S. manufacturing sector expanded in November for the sixth consecutive month, said the U.S. Institute for Supply Management on Monday. The manufacturing index, also known as the purchasing managers index, edged up to 57.3 in the past month, the highest level since April 2011.

Meanwhile, U.S. construction spending posted a solid 0.8- percent increase in October, said the Commerce Department on Monday.

Oil prices were also supported by better-than-expected Chinese manufacturing PMI figures. China's Purchasing Managers' Index held at 51.4 in November, the National Bureau of Statistics and China Federation of Logistics and Purchasing said Sunday. A separate gauge from HSBC Holdings and Markit Economics was 50.8, exceeding analysts' estimation of 50.4.

A reading above 50 signals expansion, while a figure below indicates contraction. Data showed that manufacturing activity of China, the world's top energy consumer, remained its strong pace in November.

The Organization of Petroleum Exporting Countries (OPEC) will meet in Vienna on Wednesday to decide its oil output. Analysts expect that OPEC will maintain its output ceiling of 30 million barrels per day.

Light, sweet crude for January delivery gained 1.1 U.S. dollars to settle at 93.82 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery rose 1.76 dollars to close at 111.45 dollars a barrel.

Editor: Mu Xuequan
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