Oil Gains Capped as PMI Disappoints

While the market remained thrilled by the US debt agreements, PMI data for July reminded us of the risk of global economic slowdown. Following bullishness in the Asian session, European stocks rallied with bourses rising 0.5-1.5%. In the commodity sector, oil prices strengthened but gains were capped. The front-month contract for Brent crude struck above 120 for the first time since June 14 but then retreated to around 119 on profit-taking.

Originally posted here:
Oil Gains Capped as PMI Disappoints