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Oil prices rise on improved US data

Oil prices - Markets reacted to rise in new US orders for manufactured goods
Oil prices - Markets reacted to rise in new US orders for manufactured goods

Oil prices made strong gains this evening after improved manufacturing data in the United States, the world's biggest oil-consuming nation.

Brent North Sea crude for delivery in August advanced $1.91 to $113.30 a barrel in late London deals.

New York's main contract, West Texas Intermediate for August, gained $1.85 to $96.79.

Traders also reacted to news that new orders for US manufactured goods had risen 0.8% in May, following a 0.9% drop in April.

Market participants are also awaiting the latest interest rate decisions from both the Bank of England and European Central Bank on Thursday.

Further afield, traders will digest the crucial non-farm payrolls data in the United States on Friday.

The weekly snapshot of US energy inventories will be published on Thursday, one day later than normal, because of the Independence Day public holiday yesterday.