Oil prices higher after manufacturing report
NEW YORK -- The price of oil is higher after a report showing U.S. manufacturing activity rose in September for the first time in four months.
The Institute for Supply Management, a trade group of purchasing managers, said Monday its index of factory activity was buoyed by a jump in new orders. Analysts expected a decline. The increase was a sign that the economy is improving. A measure of employment also increased, suggesting manufacturers added workers last month.
Not all economic indicators were positive Monday. A separate report from the Commerce Department says U.S. builders trimmed their activity for a second straight month in August. Construction activity is roughly half of what economists consider to be healthy.
Benchmark crude rose 43 cents to $92.62 around 10:30 a.m. in New York.