Oil Climbs 2 Percent to Over $105.12
WTI oil futures have recovered earlier losses to climb to session highs over $105 a barrel, after positive data on the U.S. manufacturing sector and a flow of money into commodities at the start the new quarter.
Some traders say the move to Monday's intraday high of $105.12 a barrel for WTI futures is fueled by short-covering more than fresh long positions in the market.
But other fundamental data is mixed.
As Citi futures analyst Tim Evans points out: "European unemployment data was a reminder of the fragile nature of EU economics, and an OPEC production survey by Dow Jones confirmed an increase in overall output for March."
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