Oil climbs as stimulus bill progress, strong US factory data support demand outlooks

摘要

Crude oil prices settled higher Aug. 4 following more bullish US economic data and expectations of a large drawdown in US crude inventories. NYMEX September WTI settled 69 cents higher at $41.70/b and ICE November Brent was up 24 cents day on day to settle at $44.39/b. US factory orders climbed 6.2% in June, the US Census Bureau data showed Aug. 4, marking a second month of growth in the country's manufacturing sector. The report built on strong manufacturing data released Aug. 3 and reinforced a demand recovery narrative, analysts said.