Stronger manufacturing data released by China helped push up crude oil prices on Monday as the globe's second-largest economy showed some signs of improvement, according to Reuters.
Tensions in the oil-rich Middle East also drove the value of the energy commodity higher on the first trading day of the final month of the year. November saw indications about increased manufacturing in the Asian nation, which is the world's second-biggest consumer of oil.
"Crude oil prices are beginning the new week of trading up thanks to positive economic data from China," analyst Carsten Fritsch with Commerzbank told the news source on Monday. "The geopolitical tensions in the Middle East are also playing their part."
At 11:24 a.m. on Monday, WTI crude oil futures climbed 0.21 percent, a 19-cent gain to $89.10 per barrel. Brent crude oil futures dropped 0.24 percent, a 27-cent loss to $110.96 per barrel.
The Wall Street Journal reports the energy commodity was hinging on developments regarding the fiscal cliff in the U.S., which is the world's biggest consumer of oil.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.