Oil prices rise on statistics from China and news from US

Global oil prices grew on June 1 morning, reported from the auction data.

The price of August futures for Brent crude rose by 0.54% to $72.99 per barrel, while July futures for WTI increased by 0.48% to $68.42.

Strong industrial statistics from China, as well as progress in the situation with the US national debt ceiling support optimism in the markets.

The Purchasing Managers’ Index (PMI) in the manufacturing sector of China, according to Caixin, rose to 50.9 points in May from 49.5 points a month earlier. The forecast was 50.3 points. The indicator turned out to be above 50 points, which indicates an increase in economic activity. China is one of the world’s largest importers and consumers of oil.

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