Oil Prices Rise On Improvement In US Manufacturing
Oil prices are climbing as April’s manufacturing rate expanded at the fastest pace in 10 months, signaling more demand for energy products.
Benchmark oil rose $1.22 Tuesday to $106.09 per barrel in New York. Brent crude increased by 44 cents to $119.91 in London.
A purchasing managers’ trade group says U.S. manufacturing benefited from new orders and more production. A measure of employment also increased.
In addition, Chinese manufacturing expanded for a fifth straight month.
Concerns remain about Europe’s struggle with a massive government debt crisis that is hurting the region’s economy.
At the pump, AAA says the national average for gas is $3.809 per gallon. That’s down about 1 cent overnight and nearly 12 cents lower than a month ago.