Crude oil rose to the highest level since November as China’s manufacturing expanded and U.S. industrial output shrank less than forecast, signaling that fuel demand may increase. Oil advanced as much as 3.6 percent and equities rallied after China’s Purchasing Manager’s Index showed that manufacturing in May climbed for a third month. The U.S. dollar fell to its lowest against the euro since December, enhancing the appeal of commodities as an alternative investment.
“This is all about recovery expectations,” said Tom Bentz, a senior energy analyst at BNP Paribas Commodity Futures Inc. in New York. “It looks like manufacturing is recovering in a number of countries, which is feeding into the belief that the worst is behind us. It doesn’t hurt.....Complete Story
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