Oil prices cleared some losses on Monday as major economies in Europe reported manufacturing Purchasing Managers’ Indices (PMI).
Futures for the North American West Texas Intermediate (WTI) added $80.21 per barrel on the New York Mercantile Exchange at the time of writing, while the European benchmark Brent crude for December settlement declined 0.5% to $85.41 a barrel on the ICE Futures Europe exchange based in London.
The PMI for France came in higher than forecasted, standing at 48.5, but remained in contraction. Spain reported rise in its manufacturing sector, with the PMI reading coming in at 52.6, compared to the previous figure of 52.2.
In Italy, the manufacturing sector figure fell to 49.0, while analysts projected a fall of 50.6 from the previous reading of 50.7. Germany’s manufacturing activity was slightly higher in October with a PMI reading of 51.4 from September’s reading of 51.8.
The PMI reading for the eurozone as a whole rose to 50.6 in October.
Free Reports:
The Organization of Petroleum Exporting Countries are scheduled to meet on November 27 in Vienna as the 12-member group are expected to decide to cut global production to boost prices after crude futures fell to nearly 10% in October.
A data from the US Commodity Futures Trading Commission revealed that money managers cut net-long positions in WTI by 2.3% in the week ended October 28.
China’s manufacturing gauge from the HSBC Holdings Plc and Markit Economics came in at 50.4 in October, slightly higher that September’s final reading of 50.2. A reading above 50 indicates expansion in manufacturing activity, while a reading below 50 represents contraction.
China is expected to account for approximately 11% of the global oil consumption, while the US is projected to account for 21%, according to the International Energy Agency based in Paris.
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