Saturday, July 20, 2013

Oil climbs above $108 on improved economic outlook

Proactive Investors Australia

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Oil climbs above $108 on improved economic outlook

Friday, July 19, 2013 by Proactive Investors North America

Crude-oil futures closed higher on Thursday as better-than-expected data improved the economic outlook.

August oil futures added 1.5 percent to finish at $108.04 a barrel, the highest price since March 2012.

Weekly jobless claims fell to their lowest level since early May and the Philadelphia Federal Reserve's manufacturing survey posted its highest reading in about two years.

The U.S. jobless claims dropped to 334,000 last week from a revised 358,000 the prior period, the Labor Department said. The median forecast of 49 economists polled by Bloomberg was 345,000.

Manufacturing in the Philadelphia region expanded more than forecast in July, the Federal Reserve Bank of Philadelphia?s general economic index showed. The gauge covers eastern Pennsylvania, southern New Jersey and Delaware.

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Source: http://www.proactiveinvestors.com.au/companies/news/45744/oil-climbs-above-108-on-improved-economic-outlook-45744.html

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