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Stronger China manufacturing sector sends oil prices up

Benchmark U.S. crude added 48 cents to $88.62 per barrel in Tuesday morning trading in New York.

By CHRIS KAHN
The Associated Press

7/24/2012

NEW YORK  — The price of oil is up slightly as China's manufacturing sector appeared to be getting stronger.

China's factories had been slowing this year, likely weakening energy demand within the world's No. 2 oil consumer. Fears of an extended slowdown in China, combined with Europe's ongoing debt crisis, pushed oil prices lower over the past few trading days.

Yet a survey of Chinese manufacturers by HSBC suggests that factory activity has rebounded to its highest level in nine months.

Benchmark U.S. crude added 48 cents to $88.62 per barrel in Tuesday morning trading in New York. Brent crude added 38 cents to $103.64 per barrel in London.

The Trucker staff can be reached for comment at editor@thetrucker.com.

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