5/24, 4:56 PM (Source: TeleTrader)
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Oil up 2% on strong PMI data

Prices of oil futures rose over 2% on Monday as traders seemingly focused on better-than-expected manufacturing sector activity data released late last week. Reports from the United States, the United Kingdom and the Eurozone all showed that the manufacturing activity remained in the expansion territory. Positive oil market sentiment looked unaffected by the latest news on the Iranian nuclear deal negotiations and its impact on the country's oil sector sanctions currently in place.

Brent for July deliveries was up 2.09%, going for $67.82 per barrel at 10:43 am ET, while West Texas Intermediate (WTI) for settlements in the same month gained 2.22% to sell for $65.01 per barrel at the same time.

Breaking the News / MS