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August 31, 2011

Oil prices surge on Chinese manufacturing rebound

US crude rose by 27¢ to stand at $89.08 a barrel this morning, while Brent crude gained 15¢ to $115.27 after China's manufacturing rebounded in August, increasing expectations that growth in the US will offset slowing industrialised economies. China's official PMI index increa

By cms admin

US crude rose by 27¢ to stand at $89.08 a barrel this morning, while Brent crude gained 15¢ to $115.27 after China’s manufacturing rebounded in August, increasing expectations that growth in the US will offset slowing industrialised economies.

China’s official PMI index increased to 50.9 in August from a 28-month low of 50.7 in July, while the financial markets lifted Asian stocks on hopes that the US Federal Reserve would intervene to support the economy.

Prices were also affected by a report that showed the US private sector added 91,000 jobs in August.

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