NYMEX and Brent gain on China manufacturing PMIs
On Thursday, oil prices kept rebounding further in Asia, as China PMI manufacturing polls bolstered sentiment on demand prospects.
In New York, October delivery crude futures ascended 0.45%, hitting $44.90 per barrel. In London, November delivery Brent futures tacked on 0.17%, trading at $47.09 per barrel.
In China, August’s semi-official CFLP manufacturing PMI came in at 50.4, thus entering expansion territory and compared to the 49.9 level observed. As for the non-manufacturing PMI, it came in at 53.5, a bit weaker than the previous outcome of 53.9. The Caixin manufacturing PMI for August was 50, just at expansion, though missing the expected 50.1 level observed and showing a drop from 50.6 the previous month.
Overnight, prices on the NYMEX sagged as American crude stocks surged more than expected at the end of the previous week with the US Department of Energy showing revenue of 2.276 million barrels after a soar of 2.501 million last week.
Besides this, gasoline stocks barrels dipped 691,000 barrels after a surge of 36,000 last week.