Oil inches higher on data, Gulf spill

08:47, May 04, 2010      

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Oil prices inched higher on Monday as upbeat personal spending data and oil spill in the Gulf of Mexico weighed on the market.

Positive economic data boosted investors' confidence in recovery. The Commerce Department reported that U.S. consumer spending rose twice as fast as income in March, with personal income up 0.3 percent and spending up 0.6 percent, in line with the market expectations.

Meanwhile, the Institute for Supply Management's index of manufacturing rose to 60.4 in April from 59.6 a month earlier, higher than estimates and showing the manufacturing sector is continuing to lead the economic recovery.

Investors continued to focus on the massive oil spill in the Gulf of Mexico, worrying that it might effect oil supply in the near future.

However, the dollar gained against the euro, which pressured on the commodities and capped oil prices' gains.

Light, sweet crude for June delivery rose 4 cents to settle at 86.19 U.S. dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for June delivery rose 1.49 dollars to 88.93 dollars a barrel on the ICE Futures Exchange.



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