Crude Oil Trades Near Three-Week High on Signs of Growth in U.S. and China - Bloomberg

Oil traded near a three-week high in New York as signs of economic growth in the U.S. and China stoked speculation that fuel demand may increase in the world’s biggest crude-consuming countries.

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Futures were little changed after advancing 2.1 percent yesterday. Prices rose as separate reports showed orders placed with U.S. factories increased in May, while China’s services industries expanded at the second-fastest pace this year as new orders and employment climbed. An Energy Department report tomorrow may show crude stockpiles fell for a fifth week. Crude for August delivery was at $97.10 a barrel, up 21 cents, in electronic trading on the New York Mercantile Exchange at 8:46 a.m. Sydney time. The contract yesterday gained $1.95 to $96.89, the highest settlement since June 14. Futures have gained 35 percent in a year.

Crude Oil Trades Near Three-Week High on Signs of Growth in U.S. and China - Bloomberg