Arab Today, arab today oil climbs on geopolitical tensions bright data
Last Updated : GMT 23:12:04
Arab Today, arab today
Arab Today, arab today

Oil climbs on geopolitical tensions, bright data

Arab Today, arab today

Arab Today, arab today Oil climbs on geopolitical tensions, bright data

New York - AFP

World oil prices advanced Tuesday on the back of rising concern about unrest in Egypt and bright global economic data, dealers said. Brent North Sea crude for delivery in August rose nine cents to $103.09 a barrel in London midday deals. New York\'s main contract, West Texas Intermediate light sweet crude for August, added 15 cents at $98.14 a barrel. Crude futures had surged on Monday on mounting concerns about deteriorating political conditions in Egypt, and on signs of strengthening manufacturing in Europe and the United States. \"Oil prices are continuing the recovery they began yesterday,\" said Commerzbank analyst Carsten Fritsch. \"As before, it is above all the risks to supply that are lending support to oil prices. The situation in Egypt is threatening to escalate further.\" Fritsch added: \"Although Egypt is not an oil exporter, the Suez Canal and a number of pipelines do make it an important transit route for oil from North Africa and the Gulf Region.\" Egypt\'s main opposition coalition on Tuesday said it would not support a \"military coup\" and trusted that an army statement giving political leaders 48 hours to resolve the current crisis did not mean it would assume a political role. It insisted that the demand for Islamist President Mohamed Morsi to step down does not violate democratic principles but is an attempt to bring the 2011 revolt that toppled Hosni Mubarak back on track. Upbeat US manufacturing data has meanwhile boosted hopes for stronger energy demand in the world\'s top crude consumer, analysts said. \"Oil will continue to have support from the rosy sentiment about demand created after the largely positive US manufacturing data,\" Desmond Chua, market strategist at CMC Markets in Singapore, told AFP. The Institute for Supply Management on Monday said its purchasing managers index of US manufacturing activity rose to 50.9 in June, up from May\'s 49. Of the 18 manufacturing industries surveyed, 12 reported growth. A PMI reading above 50 indicates expansion, while anything below points to contraction. At the same time, eurozone manufacturing data came in better than expected, raising hopes of a return to growth in the region. The Markit Eurozone Composite Purchasing Managers Index, a survey of what manufacturers see happening in their production processes, rose to 48.8 in June -- a 16-month high -- from 48.3 in May.

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