WTI Crude Climbs as China Manufacturing Growth Exceeds Estimates

West Texas Intermediate crude advanced for a second day after data showed manufacturing growth last month exceeded estimates in China, the world’s second-biggest oil consumer.

Futures climbed as much as 0.5 percent in New York. The Purchasing Managers’ Index was 51.4, the National Bureau of Statistics and China Federation of Logistics and Purchasing said yesterday. That matched the 18-month high reached in October and exceeded 24 out of 26 estimates in a Bloomberg News survey. The Organization of Petroleum Exporting Countries will keep its oil production quota unchanged at 30 million barrels a day when it meets in Vienna on Dec. 4, another survey showed.

WTI for January delivery rose as much as 48 cents to $93.20 a barrel, and was at $93.14 in electronic trading on the New York Mercantile Exchange at 11:40 a.m. Sydney time. The contract gained 42 cents, or 0.5 percent, to $92.72 on Nov. 29. The volume of all futures traded was about 42 percent above the 100-day average. Prices fell 3.8 percent in November.

Brent for January settlement increased as much as 69 cents, or 0.6 percent, to $110.38 a barrel on the London-based ICE Futures Europe exchange. The European benchmark was at a premium of $17.16 to WTI. It ended the session at $16.97 on Nov. 29, narrowing for a second day.

(Source: Bloomberg)