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NYMEX crude slightly higher after mixed data on China's economy

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Investing.com -

Investing.com - Crude oil prices stayed slightly positive Tuesday after data from China showed mixed fortunes for the economy.

Chinese non-manufacturing PMI for May rose to 55.5, the highest since November, from 54.8. The HSBC Manufacturing PMI May final came in at 49.4, lower than the 49.7 in the "flash" reading, but still above the 48.1 final in April.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in July traded at $102.51 a barrel, up 0.04%, after hitting an overnight session low of $102.11 a barrel and a high of $103.34 a barrel.

Brent crude on ICE Futures Europe also settled down 0.4% at $108.94 a barrel.

In the U.S., the Institute of Supply Management said its manufacturing purchasing managers' index ticked down to 53.2 in May from 54.9 in April, confounding expectations for a rise to 55.5.

Reports that the ISM was planning to correct the figure confused investors though still, as any figure over 50 signifies expansion, which sent oil prices rising to levels ripe for profit taking.

Separately, weekend data revealed that China's official manufacturing purchasing managers' index rose to a five-month high of 50.8 in May, above expectations for 50.6 and up from 50.4 in April.

The U.S. and China are the world's two biggest energy consumers and manufacturing numbers are used as indicators for future demand growth.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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