AFP, Singapore :
Oil prices bounced back in Asia Monday on hopes of upbeat global manufacturing data to be released later this week, but remained near five-year lows after plunging more than 50 percent since June.
US benchmark West Texas Intermediate rose 49 cents to $58.30 while Brent gained 68 cents to $62.53 in afternoon trade, reversing losses in both contracts in early trading.
“With preliminary manufacturing purchasing managers’ index (PMI) data scheduled for release this week, it may give some support to falling oil prices.”
Oil prices bounced back in Asia Monday on hopes of upbeat global manufacturing data to be released later this week, but remained near five-year lows after plunging more than 50 percent since June.
US benchmark West Texas Intermediate rose 49 cents to $58.30 while Brent gained 68 cents to $62.53 in afternoon trade, reversing losses in both contracts in early trading.
“With preliminary manufacturing purchasing managers’ index (PMI) data scheduled for release this week, it may give some support to falling oil prices.”
