Oil Trades Near One-Month High
Source: Bloomberg, Mark Shenk (9/1/11)
"U.S. manufacturing unexpectedly grew last month and jobless claims decreased, bolstering hopes for the world's biggest crude consumer."
Oil traded near a one-month high after reports showed U.S. manufacturing unexpectedly grew last month and jobless claims decreased, bolstering optimism about the economy of the world's biggest crude consuming country.
Futures rose as much as 0.6 percent after the Institute for Supply Management's factory index fell to 50.6 in August from 50.9 in July. A reading of 50 is the dividing line between expansion and contraction. The Labor Department said jobless claims declined by 12,000 to 409,000 last week. A report tomorrow may show employers added 70,000 workers in August. . .View full article