Oil rose by more than $1 a barrel, continuing the previous session's gains after US manufacturing data boosted optimism that the world's largest economy is on the way to recovery.
US crude for March delivery hit $75.44 a barrel, up $1.01, and then fell back to trade at $74.66. Oil advanced the most in four weeks yesterday after the Institute for Supply Management's factory index rose to a higher-than-anticipated 58.4 from December's 54.9. European manufacturing increased last month, a separate report showed.
Markets will be focusing on outcome from inventory data from American Petroleum Institute (API) scheduled to be released later today.
US crude oil inventories were expected to have fallen 200,000 barrels last week due to problems offloading at a Texas port.
Source and Full article Bloomberg UTV
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