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Crude prices flat amid upbeat data

English.news.cn   2014-07-02 05:11:43

NEW YORK, July 1 (Xinhua) -- Crude prices steadied Tuesday amid upbeat manufacturing data from the United States and China.

Economic activity in the U.S. manufacturing sector expanded in June for the 13th consecutive month due to gain in new orders, said the Institute for Supply Management Tuesday.

Financial data firm Markit said in a report that U.S. manufacturing sector expanded in June, with its final U.S. manufacturing PMI rising to 57.3, the highest since May 2010.

Chinese manufacturing data also came upbeat. China's official data released Tuesday showed growth in the country's manufacturing sector accelerated to a six-month high in June, with the PMI rising to 51 last month, registering a strong end to the second quarter.

The strong data and encouraging signs from the world's top two economies gave support to the crude market.

Traders kept watch on Iraq. Violence in Iraq so far has largely been in the north of the country.

Despite the escalating tension, the violence has not threatened the south part of the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC). Iraq's south produces more than three-quarters of the country's oil output.

Light, sweet crude for August delivery edged down 3 cents to settle at 105.34 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery lost 7 cents to close at 112.29 dollars a barrel.

Editor: Mu Xuequan
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