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Crude mixed in Asian trade

Nov 02 2012 07:51

Singapore - Crude was mixed but well-supported in Asia on Friday as upbeat Chinese and US economic data sparked hopes that the world's largest economies were turning the corner, analysts said.

New York's main contract, light sweet crude for delivery in December fell 16 cents to $86.93 a barrel while Brent North Sea crude for December delivery gained three cents to $108.20.

A rebound in China's manufacturing sector coupled with positive jobs numbers from the United States was propping up crude prices, IG Markets said in a report.

"November started on a firm footing with upbeat economic data out of the world's two biggest economies rallying their local markets," it stated.

Data released Thursday showed China's manufacturing activity growing for the first time in three months in October, reinforcing hopes that the world's largest energy consumer was finally emerging from a slump.

In the US, manufacturing activity picked up for a second straight month in October after three months of slight contraction, with growth the strongest since May, the Institute for Supply Management said Thursday.

commodities  |  markets  |  oil


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