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Brent steady above $119; U.S., China data supports

Reuters via Yahoo! Finance -- Brent crude was steady above $119 a barrel on Wednesday, supported by positive manufacturing data from the United States and China that lifted hopes of higher oil demand at the world's top two energy consumers.

U.S. manufacturing growth in April hit its highest level in 10 months, while China's factory sector also expanded last month, government data showed on Tuesday.

A private-sector survey geared towards smaller Chinese firms also showed that manufacturing activity improved in April, but remained below the threshold of 50 that divides expansion from contraction.

"The economic data is supporting oil prices, but there will be anxiety ahead of the U.S. jobs report on Friday, so I don't expect any big volatility for the rest of the week," said Gordon Kwan, head of energy research at ...

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Submitted May 02, 2012 By: brbaritone

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jrs4125 Champion Author Indiana Posts:2,743 Points:588,820 Joined:Sep 2011	Message Posted: May 3, 2012 7:49:30 AM Ignore jrs4125 Report Abuse alrighty then
Evilmaddog Champion Author British Columbia Posts:3,307 Points:954,625 Joined:Aug 2010	Message Posted: May 2, 2012 8:06:34 AM Ignore Evilmaddog Report Abuse $$$$$$$$$
humblepie Champion Author Toledo Posts:34,092 Points:2,368,445 Joined:Mar 2006	Message Posted: May 2, 2012 7:55:07 AM Ignore humblepie Report Abuse good thing we dont use brent
JimTee Champion Author Tampa Posts:2,357 Points:1,513,325 Joined:Apr 2006	Message Posted: May 2, 2012 7:41:20 AM Ignore JimTee Report Abuse It needs to be much lower to help the ecomony.
amoshins Champion Author Trenton Posts:2,185 Points:638,845 Joined:Apr 2011	Message Posted: May 2, 2012 7:41:18 AM Ignore amoshins Report Abuse there goes recent gas price declines
doeslayersr Champion Author Illinois Posts:9,093 Points:869,080 Joined:Dec 2010	Message Posted: May 2, 2012 7:37:20 AM Ignore doeslayersr Report Abuse That did not last long. We need to explore, drill, extract and refine everywhere we can onshore and offshore of this great Republic.
yardslave Champion Author Oklahoma City Posts:2,539 Points:593,005 Joined:Dec 2005	Message Posted: May 2, 2012 7:37:13 AM Ignore yardslave Report Abuse OK
brbaritone Champion Author Virginia Posts:2,061 Points:1,695,295 Joined:Jan 2007	Message Posted: May 2, 2012 7:29:12 AM Ignore brbaritone Report Abuse ... Mirae Asset Management in Hong Kong. Prices would be rangebound, with Brent trading between $115-$120 this week, he added. Brent crude for June slipped 14 cents to $119.52 a barrel by 0608 GMT, after settling 19 cents higher at $119.66 on Tuesday. U.S. crude for June was down 30 cents at $105.84. Asian shares followed Wall Street higher and the dollar recovered against the yen on Wednesday on the strong U.S. factory data. (MKTS/GLOB) Market participants will be watching Friday's key nonfarm payrolls report for further evidence of a sustained U.S. economic recovery that is likely to boost oil prices. Analysts expect hiring by U.S. employers to have rebounded in April, which could ease worries the economy has stumbled into a soft patch. Nonfarm payrolls are expected to rise 170,000 in April, up from a meager 120,000 in March. Despite the positive data, lingering concerns over the euro zone debt crisis and a slowdown in the Chinese economy continued to weigh on prices, analysts said. "China is a concern, with new loans falling sharply last month. The question is whether the government's easing measures have come in time for a soft landing," said Kwan. Chinese bank lending is estimated to have dropped 30 percent in April from a month earlier as demand for credit declined, the official China Securities Journal reported on Wednesday. Debt woes in the euro zone also continued to dampen sentiment, with Spain, the fourth-largest economy in the grouping, sinking into recession in the first quarter. (ID;nL5E8FU2LZ) In the United States, crude oil stocks rose by 2 million barrels last week, the industry group American Petroleum Institute (API) said, less than expected. (API/S) Ahead of weekly inventory reports, a rise of 2.5 million barrels for crude, a sixth consecutive build, was forecast in a Reuters survey of analysts.