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- Oil prices rise on the better-than-expected Chinese economic data and on concerns over the escalation of the conflict in Syria
Oil prices rise on the better-than-expected Chinese economic data and on concerns over the escalation of the conflict in Syria
Oil prices increased on the better-than-expected Chinese economic data and on concerns over the escalation of the conflict in Syria as Russia started air strikes against Islamic State targets in Syria on Wednesday.
The Chinese manufacturing PMI rose to 49.8 in September from 49.7 in August, beating expectations for a decline to 49.6, according to the Chinese government. A reading above the 50 mark indicates expansion, a reading below 50 indicates contraction.
The final Chinese Markit/Caixin manufacturing PMI declined to 47.2 in September from 47.3 in August, beating the preliminary reading of a fall to 47.0. It was the lowest level since March 2009.
"The industry has reached a crucial stage in its structural transformation. Tepid demand is a main factor behind the oversupply of manufacturing and why it has not recovered," Dr. He Fan, Chief Economist at Caixin Insight Group, said.
WTI crude oil for November delivery rose to $47.10 a barrel on the New York Mercantile Exchange.
Brent crude oil for November climbed to $49.49 a barrel on ICE Futures Europe.
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