Crude Prices Jump as U.S. Manufacturing Revs Up

Oil prices edged higher in tug-of-war trading o n Monday as supportive data showing the U.S. manufacturing sector picked up in March and loading delays for North Sea crude cargoes helped counter disappointing economic figures from Europe. The Institute for Supply Management's index of U.S. factory activity rose to 53.4, from 52.4 in February, topping economists' expectations and keeping the reading above 50, indicating expansion in the sector. "Oil prices rose on the better-than-expected ISM manufacturing reading as the strength of the U.S. economy continues to offset deteriorating conditions in Europe and concerns over China's slowdown," said John Kilduff, partner at Again Capital LLC in New York. Crude futures added to gains on news that BP had shut in oil output at the Valhall platform last week for compressor maintenance and that according to trade sources, the shutdown would delay loading of seven North Sea Ekofisk cargoes in April. Continue reading this article

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