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Oil jumps to one-month high on weak dollar, improving manufacturing data

Published: 03/08/2009 05:00

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Oil prices extended rally to its one-month high on Monday as the dollar continued to retreat and U.S. manufacturing data showed a sign of recovery.

Light, sweet crude for September delivery rose 2.13 U.S. dollars, or 3.1 percent, to settle at 71.58 dollars a barrel on the New York Mercantile Exchange. The contract touched an intra-day high of 72.20 dollars a barrel during the session.

According to the Institute for Supply Management, the U.S. manufacturing index climbed from 44.8 to 48.9 in July, the highest since August 2008, showing the national factory activity was shrinking at a lower pace, which would help lifting demand for energy.

On speculation of economic recovery, the dollar index reached its lowest point since September against the euro on Monday, driving investors to the commodities market. The weaker currency stimulates demand for dollar-priced assets such as oil used to hedge against inflation.

Meanwhile, Wall Street followed the lead of European market by sending the Standard & Poor’s 500 Index above 1,000 for the first time since November.

London Brent for September delivery rose 1.91 dollars to 73.61 dollars a barrel on the ICE Futures exchange.

VietNamNet/Xinhuanet　

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