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Commodities: Demand outlook improves after data

Crude oil futures rallied on Monday as investors cheered better than expected manufacturing growth in China, the US and the Eurozone last month, boosting the outlook for energy demand.

Crude oil for January delivery climbed $1.10 or 1.2% to settle at $93.82 a barrel on the New York Mercantile Exchange.

The recovery in the Eurozone manufacturing sector accelerated again in November, China’s purchasing Managers’ Index came in at 51.4, better than an expected reading of 51.1 and above the 50-point mark, which separates expansion from contraction.

US manufacturing also accelerated in November, rising to 57.3%, according to the latest report from the Institute for Supply Management.

European benchmark Brent crude for January rallied $1.76 to settle at $111.45 a barrel on the ICE Futures Exchange.

Gold nursed over a 2% loss on Monday as robust economic data across the globe reduced demand for the yellow metal.

Gold for February delivery lost $28.50 to settle at $1,221.90 an ounce on the Comex division of the New York Mercantile Exchange.

CJ

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