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US oil ends above $105 on strong China, Euro zone data

Thursday, 22 Aug 2013 | 2:54 PM ET
Drilling for oil in the Bakken shale formation outside Watford City, N.D.
Getty Images
Drilling for oil in the Bakken shale formation outside Watford City, N.D.

Crude oil prices rose on Thursday, as data from the United States, China and the euro zone boosted hopes that energy demand would improve.

U.S. crude rose more than Brent, narrowing its discount by more than $1 from a session high. Analysts said some in the market were cautious that stronger global growth may prompt central banks to cut back on economic stimulus measures.

U.S. manufacturing activity hit a five-month high in August as hiring picked up and new orders increased at their fastest pace since January, an industry report showed.

Euro zone business activity across has picked up this month at a faster pace than expected, surveys showed, led by Germany which enjoyed growing demand for its exports.

Activity in China's manufacturing sector also hit a four-month high as new orders rebounded, data showed. This raised hopes the world's No.2 economy may be stabilizing after a two-year slowdown.

U.S. crude settled at $105.03 a barrel, up $1.18. October Brent crude settled up 9 cents a barrel at $109.90.

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By Reuters

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