Investing.com - Crude oil prices gained in Asia Monday following figures at the weekend that showed a spurt in Chinese manufacturing.
The China Federation of Logistics and Purchasing said its May PMI rose to a five-month high of 50.8, beating expectations of a gain to 50.6 from 50.4 in April.
"The continuous rebound of PMI in May suggested economic recovery
trend is clear...But decline in inventory and business outlook showed companies are cautious with economic outlook and there is no condition for a sharp rebound in economic growth," said Zhang Liqun, a government economist advising the CFLP in an accompanying statement.
On the New York Mercantile Exchange, U.S. crude oil for delivery in July traded at $102.97 a barrel, up 0.25%, after hitting a daily low of $102.40 a barrel last week, the weakest since May 20, before subsequently settling at $102.71 by close of trade, down 0.84%, or 87 cents.
Last week, New York-traded crude oil futures ended close to a two-week low, as data showed that U.S. consumer spending declined in April, providing more evidence of an uneven economic recovery.
Data released Friday showed that U.S. consumer spending fell 0.1% in April from a month earlier, missing forecasts for a 0.2% increase. Personal income rose 0.3%, in line with forecasts.
Separately, the final reading of the University of Michigan''s consumer-sentiment index for May came in at 81.9, up slightly from a preliminary reading of 81.8, but falling short of forecasts for 82.5.
Meanwhile, bearish supply data released on Thursday continued to weigh. U.S. crude oil inventories rose by 1.7 million barrels to hit a total of 393.0 million last week. Analysts had expected supplies to increase by 0.5 million barrels.
In the week ahead, investors will be looking to Friday’s U.S. nonfarm payrolls report for May for further indications on the strength of the labor market.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery shed 0.51%, or 56 cents, on Friday to settle at $109.41 a barrel by close of trade.
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