Oil's Rally Falters as Chinese Manufacturing Activities Slow

Market sentiment remained firmed yesterday as Greece passed the second vote on austerity measures and some encouraging US economic data upstaged weaker ones. In the commodity market, the front-month contract for WTI crude oil climbed further to as high as 95.82 before settling at 95.42, up +0.69%, while the equivalent Brent crude contract edged up to 113.24 but eventually ended the day flat at 112.48. Gold price faltered with the 1500-level barely held at close. Demand for safe-haven reduced as immediate Greek default is avoided.

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Oil's Rally Falters as Chinese Manufacturing Activities Slow