24 Mar 2015
Crude oil gains on upbeat Eurozone PMIs
FXStreet (Mumbai) - Crude prices recovered losses to trade higher on Tuesday after the USD weakened on an upbeat private sector activity report from the Eurozone.
WTI Crude futures rose to a high of USD 48.37/barrel, before easing slightly to the current level of USD 47.84/barrel. German manufacturing sector activity rose to an eight-month high this month, while France's private sector had expanded for a second straight month. Meanwhile, the Eurozone private sector activity rose to near four-year highs.
The market now looks forward to the weekly inventory data released by the American Petroleum Insitute (API) and the Energy Information Administration (EIA). The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 3.8 million barrels in the week ended March 20.
Earlier today, oil prices had come under pressure after a gauge of manufacturing activity in China showed contraction in the activity. However, the upbeat Eurozone reports made sure the USD remained under pressure, which helped oil prices recover losses.
WTI Crude futures rose to a high of USD 48.37/barrel, before easing slightly to the current level of USD 47.84/barrel. German manufacturing sector activity rose to an eight-month high this month, while France's private sector had expanded for a second straight month. Meanwhile, the Eurozone private sector activity rose to near four-year highs.
The market now looks forward to the weekly inventory data released by the American Petroleum Insitute (API) and the Energy Information Administration (EIA). The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles rose by 3.8 million barrels in the week ended March 20.
Earlier today, oil prices had come under pressure after a gauge of manufacturing activity in China showed contraction in the activity. However, the upbeat Eurozone reports made sure the USD remained under pressure, which helped oil prices recover losses.