Crude Soars on Strong US ISM Data
SylviaHunt30Crude oil strengthened as the US ISM manufacturing index beat market expectations. The front-month contract for WTI crude oil prices soared to 106.43 , the highest level since March 28 before settling at 106.16, up +1.23%. Manufacturing activities in other countries were not as strong with the UK index falling while China’s data climbed less than expected. The RBA unexpectedly cut interest rates by -50 bps to 3.75%. This had weakened the Australian dollar but did not have much impact on commodity prices.
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Crude Soars on Strong US ISM Data
