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Commodities: Crude oil boosted by supply decline
02-11-2012 00:39
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Front-month crude oil futures got an unexpected boost on Thursday after week supply data showed a decline, with positive economic data from China also playing a role.
The HSBC Chinese manufacturing sector purchasing managers' index for the month of October rose to 49.5, from 47.9 in the month before, according to survey compiler Markit. This was an eight-month high and not far from the key level of 50 which indicates that the sector contraction has ceased. The consensus estimate was for 49.1.
The December contract for the commodity gained 0.99% to settle at $87.09 per barrel on the New York Mercantile exchange.
Things were also looking positive for unleaded gas, which climbed 0.13% to $2.63 per gallon, while natural gas rose 0.19% to end the day at $3.70 per million British thermal units.
Heating oil was the notable exception, down 0.95% to $3.03 per gallon.
In metals, gold dropped by 0.21% to settle at $1,715.50 per troy ounce on the December contract.
Silver was also lower, also down 0.21% to $32.25 per troy ounce, while platinum dipped 0.24% to $1,573.20. Copper bucked the trend to end the day 0.98% higher at $3.55 per pound.
NR
The HSBC Chinese manufacturing sector purchasing managers' index for the month of October rose to 49.5, from 47.9 in the month before, according to survey compiler Markit. This was an eight-month high and not far from the key level of 50 which indicates that the sector contraction has ceased. The consensus estimate was for 49.1.
The December contract for the commodity gained 0.99% to settle at $87.09 per barrel on the New York Mercantile exchange.
Things were also looking positive for unleaded gas, which climbed 0.13% to $2.63 per gallon, while natural gas rose 0.19% to end the day at $3.70 per million British thermal units.
Heating oil was the notable exception, down 0.95% to $3.03 per gallon.
In metals, gold dropped by 0.21% to settle at $1,715.50 per troy ounce on the December contract.
Silver was also lower, also down 0.21% to $32.25 per troy ounce, while platinum dipped 0.24% to $1,573.20. Copper bucked the trend to end the day 0.98% higher at $3.55 per pound.
NR
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