CRUDE OIL INCHES HIGHER ON UPBEAT CHINESE FACTORY DATA
Date: 30/3/2012
Crude oil prices inched higher on the first trading session of a fresh quarter after rising by more than 4 percent in the previous quarter as sentiments got supported by the encouraging Chinese manufacturing data which showed factory activity gained momentum for a fourth straight month to 11 month high levels in March, easing worries over world’s second largest oil consuming economy’s hard landing. While, the weakness in US dollar and concerns over supply disruption amid lingering tension over Iran and its nuclear ambitions also continued to support the oil prices.
Benchmark crude for May delivery gained $0.16 or 0.15% to $103.18 a barrel an ounce on the New York Mercantile Exchange. In London, May delivery Brent crude added $0.23 to $123.11 a barrel on the ICE.
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