Oil rises on US, China factory strengthJuly 1, 2014
The Associated Press
BEIJING (AP) — Oil prices edged up Wednesday on stronger manufacturing activity in the United States and China, the two biggest oil consumers.
Benchmark U.S. crude for August delivery gained 14 cents to $105.48 per barrel in New York, reversing four days of declines. The contract closed at a 10-month high of $107.26 on June 20.
Brent crude, a benchmark for international oils used by many U.S. refineries, gained 9 cents to $112.38 per barrel in London.
Manufacturing activity in China, the world's biggest oil importer, grew in June, according to separate surveys by HSBC Corp. and a Chinese industry group.
In the United States, manufacturing grew for a 13th successive month, though at a slower pace than in May.
Oil prices have risen in recent weeks on concerns that violence in Iraq, OPEC's second-largest exporter, would cut supplies. They stabilized late last week as the stunning initial advance by insurgents lost momentum.
In other energy futures trading on the Nymex:
—Wholesale gasoline rose a fraction of a penny to $3.04 per gallon.
—Natural gas gained 0.2 cents to $4.447 per 1,000 cubic feet.
—Heating oil held steady at $2.978 a gallon.