Brent near $111 on uptick in China economy, US stock draw
Manufacturing Purchasing Managers Index (PMI) rose to a 13- month high of 50.4 in November, the latest indicator of recovery in the real economy after data showing solid credit growth, firmer exports and rising industrial output in the previous month.
An uptick in key economic activity indicators in October has cemented the view of many investors that a rebound in China's economy gathered momentum as it entered the fourth quarter, thanks to a raft of pro-growth policies rolled out by the government in recent months.
But analysts expect the pace of recovery to be modest in the fourth quarter."Refinery appetite for crude oil in the second half so far has outperformed the first half in terms of growth but this was partially due to a series of retail fuel price hikes that helped boost refinery margins in September and October," Barclays analysts wrote in a note.
"With retail fuel prices cut again in November, margins are under pressure again, and we could see the gains in refinery runs moderating going into the fourth quarter, especially with underlying product demand not being exceptionally strong.
"The United States also reported positive economic data. Manufacturing grew in November at its quickest pace in five months, with a rise in domestic demand hinting that factories could provide a boost to growth in the fourth quarter. CEASEFIRE
Although little oil is sourced in Israel, concern that oil-producing nations in the Gulf could become involved in the conflict around Gaza has aroused fears of supply disruption.
The U.N. Security Council called on
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