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Oil Jumps More Than $4 to Near $103 a Barrel
Oil rose more than $4 to almost $103 a barrel Tuesday, a seven-month high, on signs of stronger manufacturing activity in the United States, China and India, Bloomberg reported.
Crude futures rose $4.13 to finish as $102.96 per barrel on the New York Mercantile Exchange, up from Friday’s $98.83 closing price.
It was the highest closing price since May 10, according to Bloomberg figures. The Nymex was closed Monday for the New Year’s holiday.
Oil has closed over $100 a barrel just once in the past two weeks, when it finished trading at $101.34 last Tuesday.
The Institute for Supply Manufacturing reported in its monthly factory index released Tuesday that U.S. manufacturing activity reached a six-month high, while a similar gauge in China showed improvement, Bloomberg reported.
The Department of Energy will release its weekly survey of diesel and gasoline pump prices Tuesday afternoon in Washington.
