Crude oil Jumps on Chinese Data
Crude oil futures gained on Tuesday as China reported better than expected manufacturing data which neutralized the negative impact of euro zone debt problems. HSBC’s purchasing managers’ index for China gained in July reaching its highest level in five months. On the other hand PMI for the euro zone remained unchanged at 46.4 in July depicting economic contraction.
The crude oil futures contract for September delivery gained 0.4 percent or $0.36 to close at $88.50 per barrel on the New York Mercantile Exchange.