Crude oil rose for a second day in New York after manufacturing in the U.S. increased at the fastest pace since August 2004, signaling that fuel use in the world's biggest energy-consuming country will gain.
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. A weaker dollar also bolstered the appeal of commodities.
Crude oil for March delivery gained as much as 70 cents, or 0.9%, to $75.13 a barrel in electronic trading on the New York Mercantile Exchange. It was at $74.90 at 8:22 a.m. Singapore time. Yesterday, the contract rose $1.54, or 2.1%, to $74.43, the biggest one-day increase since Jan. 4.
The U.S. manufacturing figure exceeded economists' median forecast of 55.5, according to 67 projections in a Bloomberg News survey. Readings higher than 50 signal an expansion. Manufacturing accounts for about 12% of the economy.
Source & Full Article Bloomberg UTV
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