In this Aug. 16, 2012, file photo, gas prices are advertised at a Sunoco gas station and market in Lapeer, Michigan. AP
SINGAPORE—Crude was higher in Asia Tuesday after data showed the US manufacturing sector bounced back in September following three months of contraction, analysts said.
New York’s main contract, light sweet crude for delivery in November, added three cents to $92.51 a barrel and Brent North Sea crude for November delivery gained 16 cents to $112.35.
“Oil advanced… as US manufacturing unexpectedly expanded,” Phillip Futures said in a report.
Data released by the Institute for Supply Management late Monday showed US factory activity for September rising to 51.5, the first time since May that the index has risen above 50.
Any reading above 50 indicates an expansion in the sector, while one below that figure indicates a contraction.
The index had remained stubbornly below 50 for the past three months, contributing to the weak sentiment in energy markets as the US is the world’s largest oil consumer and its manufacturing sector is a key driver of demand.