Crude prices move higher on Monday (01-Aug-2010)
Crude prices have surged towards 12-week highs above $79 on Monday, on the back of investors' growing interest for commodities and energy risk, after the economic indicators in top two consumers United States and China showed slower but sustained growth. The US GDP grew at an annual pace of 2.4 percent in the second quarter, less than expected while the China’s official purchasing managers' index (PMI) fell to a 17-month low in July of 51.2 from 52.1 in June.
Benchmark crude for September delivery rose 24 cents to $79.19 a barrel on the New York Mercantile Exchange. In London Brent crude has gained 19 cents to $78.37 on the ICE.
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