Crude oil futures are climbing this morning on robust manufacturing data from the U.S., India, and China, with the contracts for delivery in February up $2.02, at $81.38 per barrel.
The Institute for Supply Chain Management (ISM) reports this morning that December U.S manufacturing activity rose for the fifth consecutive month, with the PMI, formerly the purchasing manager’s index, rising to 55.9% from November’s 53.6%, and above the 54.8% analysts were expecting. It was the highest level since April of 2006, the ISM said.
Marketwatch’s Chris Oliver notes two studies out this weekend, one from HSBC and one from China’s official Federation of Logistics and Purchasing, show China’s economy in December rose at its fastest pace since the second quarter of 2004. Oliver quotes an HSBC analyst who cites China’s second-round of stimulus funds as being the cause for the jump.
The Financial Times’s Kevin Brown notes the data also show prices of Chinese goods rising the fastest since July of 2008 because of rising raw materials prices. At the same time, official data for India just released show the country’s purchasing manager’s index rose in December to its highest level since May.
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