After a disappointing month in September, oil futures started October out on a strong note with early gains spurred by positive news out of Europe, according to Bloomberg.
The euro zone debt crisis has shifted its focus largely to Spain, the region's fourth-largest economy. But a recent stress test of that nation's banks suggests that the recent 100 billion euro, nearly $129 billion, should be more than enough to cover the country's needs.
"I think we’ve seen the worst" said Michael Poulsen, an analyst at Global Risk Management, referring to the sovereign debt crisis. "On average, we see prices ending the year at roughly the same level as now, but there are some wild cards."
At 10:00 a.m. New York time, Brent crude oil prices were up 0.62 percent to $113.09 per barrel, while U.S. oil prices were up 0.9 percent to $93.02 per barrel.
Meanwhile, MarketWatch reports that the Institute for Supply Management saw a surprising gain in its manufacturing index, rising to 51.5 in September from 49.6 the month before, moving back into the positive. Most economists expected the index to remain below the critical 50 threshold.
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