Brent crude for July delivery rose $2.05 to settle at $116.73 a barrel, off its $117.49 intraday peak. Brent posted a 7.3 percent loss in May, its biggest monthly percentage loss since May 2010. U.S. July crude rose $2.11 to settle at $102.70 a barrel, having moved above its 20-day moving average of $100.76.
U.S. crude lost 9.9 percent in May, also its biggest monthly percentage loss since May 2010. Both Brent and U.S. crude contracts have been rebounding from a commodities sell-off earlier in May. Brent and U.S. crude oil trading volumes were on pace on Tuesday to end the day below 30-day averages.
Analysis Crude Oil Prices 1 June 2011
Germany’s final PMI Manufacturing for May is due at 07:55 GMT and expected unrevised at 58.2.
The euro area’s final PMI Manufacturing for May is due at 08:00 GMT and expected unrevised at 54.8.
The U.S. economy will publish at 12:15 GMT its ADP employment change for May, which is to show 175,000 added workers from 179,000 the previous month.
Furthermore, the ISM manufacturing for May has a heavy effect on the market movement, which will be release at 14:00 GMT and expected to retreat to 58.8 from 60.4 during April.
At 14:00 GMT, the U.S. economy will issue its construction spending for April, where it’s expected to come at 0.5% from the previous reading of 1.4%.
Weekly U.S. oil inventory data from industry and government are delayed this week after the Monday's U.S. Memorial Day. yielded a forecast for crude stockpiles to have fallen last week, with gasoline stocks higher and distillate stocks up slightly.
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