Investing.com - " Oil futures nudged higher during Tuesday's
Asian session, but New York-traded crude still resides near
On the New York Mercantile Exchange, light, sweet crude futures for
December delivery rose 0.06% to USD94.68 per barrel in Asian
trading Tuesday. The December contract settled up 0.01% at USD94.62
per barrel on Monday.
Global data points played their part in crude's tepid start to the
week. On Monday, euro zone manufacturing purchasing managers' index
ticked up to 51.3 in October from a final reading of 51.1 in
September, unchanged from a preliminary estimate and in line with
market forecasts, according to London-based Markit Economics.
Germany's manufacturing PMI rose to 51.7 last month from 51.5 in
September as new orders and production levels rose. Analysts were
expecting the figure to remain unchanged at 51.5.
In U.S. economic news out Monday, U.S. factory orders rose 1.7% in
October from September, in line with expectations.
Oil has traded lower in four straight weeks as traders view the
market as adequately supplied. Even output declines in OPEC member
Libya, home to Africa's largest oil reserves, have not contributed
much upside to oil prices.
Libya is currently pumping about 250,000 barrels per day, down from
450,000 barrels last month.
After the close of U.S. markets Monday, independent oil giant
Anadarko Petroleum said its third-quarter EPS fell to $1.13 from
$1.16 a share last year, but revenue rose to $3.85 billion from
Elsewhere, Brent crude futures for December delivery rose 0.10% to
USD106.32 per barrel on the ICE Futures Exchange.
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