Oil Jumps on Better Than Expected US Manufacturing Data

Crude oil futures advanced on Monday as investors were optimistic after the release of US manufacturing data. Further to add, the decision of Iraq to stop oil exports from Kurdish region further gave support to oil in global markets. As per latest data of the Institute for Supply & Management the US manufacturing index gained to 53.4 percent in March as compared to 52.4 percent in February. Economists on average were expecting the ISM index to increase to 53.5 percent which is slightly below than the actual reading.

Crude oil futures contract for May delivery gained 2.2 percent or $2.21 to $105.23 per barrel on the New York Mercantile Exchange.

Crude oil also got a boost on the news of halt of oil exports by self ruled Kurdish region in Iraq. The Kurdish region exports almost 50,000 barrels per day.

Among other energy commodities, gasoline futures contract for May delivery surged 2.2 percent or $0.07 to settle at $3.38 per gallon while heating oil futures for May delivery gained 2.5 percent or $0.08 to settle at $3.25 per gallon.

Natural gas futures contract for May delivery also advanced 1.2 percent or $0.03 to $2.15 per million British thermal units. Natural gas in its earlier session reached its lowest in 10 years due to lower global demand.


Most Popular Content

Currency Articles - May 22, 2019 15:21 - 0 Comments

The Pound is in Freefall – When Will It Stop?

More In Currency Articles

Gold and Oil News - Mar 30, 2024 10:37 - 0 Comments

Gold Flying and Making New All Time Highs

More In Gold and Oil News

Shares and Markets - Oct 14, 2023 19:01 - 0 Comments

U.S. Stock Indices: A Dance Between Optimism and Fear

More In Shares and Markets