Crude jumps more than 3% to above $ 68/bbl
2009 June 2
Crude prices gained on positive economic data showing expansion in China’s manufacturing and less than expected contraction in US industrial output. The commodity touched rose 3.4% to as high as $ 68.58 per barrel yesterday.
Nymex Crude July was up 3.1% to close at $ 68.58/bbl. Its up 52% YTD. Main factors being China manufacturing and positive US ISM data. US inventories may show 4th week of decline. Near-term range for crude is seen between $ 65-70/bbl.
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