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Oil Holds Gains Near Week High Before Chinese Manufacturing Data

Written By Kontak Perkasa Futures on Tuesday, March 24, 2015 | 8:44 AM

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KPF Jogja - Oil held gains near the highest price in more than a week before data that may signal the strength of China’s economy, the world’s second-largest crude consumer.
 
Futures were little changed in New York after rising 1.9 percent on Monday. An index of China’s manufacturing output was forecast at 50.5 in March, down from 50.7 in February, a Bloomberg News survey showed before a preliminary reading from HSBC Holdings Plc. U.S. crude stockpiles probably increased further from a record high last week, according to a separate Bloomberg poll before government data on Wednesday.

Oil has fallen 12 percent from this year’s peak in February as U.S. crude inventories and production surged to the highest level in more than three decades. Saudi Arabia, which led a decision in November by the Organization of Petroleum Exporting Countries to resist calls to cut output, is pumping near a record level, its petroleum minister said on Sunday.

West Texas Intermediate for May delivery was at $47.18 a barrel in electronic trading on the New York Mercantile Exchange, down 27 cents, at 12 p.m. Sydney time. The contract advanced 88 cents to $47.45 on Monday. Total volume was about 74 percent below the 100-day average. Prices have decreased 11 percent this year.

Source: Bloomberg
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 8:44 AM
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