Economy
Crude Oil Rallies After China Positive PMI
- Crude Oil Rallies After China Positive PMI
Global oil prices rose on Monday after data showed Chinese economy is gradually stabilizing.
Brent crude, against which Nigerian crude oil is measured, rose by 1.3 percent to $68.48 a barrel.
While the U.S. West Texas Intermediate (WTI) gained 1.1 percent to $60.79 a barrel.
China, the world’s largest importer of crude oil, released a positive manufacturing Purchasing Managers’ Index (PMI) that showed manufacturing activity is picking up than previously projected.
The data boosted investors sentiment across financial markets and eased worries over global economic outlook.
“Positive risk sentiment as gauged by rising equity markets, and a weaker dollar are helping oil,” UBS Group AG analyst Giovanni Staunovo wrote in a report.
Still, uncertainty surrounding trade talks remains as Chinese Vice Premier Liu He visits the U.S. on Wednesday to iron out some of the issues holding back the two world’s largest economies with president Donald Trump.