// IP Marketing video - START// IP Marketing video - END

Oil rises on stronger manufacturing activity in China, U.S.

Oil rises on stronger manufacturing activity in China, U.S.

PanARMENIAN.Net - Oil prices edged up Wednesday, July 2, on stronger manufacturing activity in the United States and China, the two biggest oil consumers, the Associated Press reports.

Benchmark U.S. crude for August delivery gained 14 cents to $105.48 per barrel in New York, reversing four days of declines. The contract closed at a 10-month high of $107.26 on June 20.

Brent crude, a benchmark for international oils used by many U.S. refineries, gained 9 cents to $112.38 per barrel in London.

Manufacturing activity in China, the world's biggest oil importer, grew in June, according to separate surveys by HSBC Corp. and a Chinese industry group.

In the United States, manufacturing grew for a 13th successive month, though at a slower pace than in May.

Oil prices have risen in recent weeks on concerns that violence in Iraq, OPEC's second-largest exporter, would cut supplies. They stabilized late last week as the stunning initial advance by insurgents lost momentum.

 Top stories
It has been agreed that Iran’s gas export volume to Armenia and dispatch of electricity from Armenia back to Iran should grow as of 2018.
Behzad Babazadeh said that the Armenian side wants imported gas from Iran to be increased from 1 mcm to 1.6 mcm.
The event was timed to coincide with the visit of a 10-strong delegation of prestigious UK companies led by Mark Pritchard MP.
The two-day intensive programme includes meetings with Armenian high level state authorities and business representatives
Partner news