Oil Rises With Global Economic Data Pointing to Demand Rebound
- U.S. and China manufacturing gauges beat expectations
- Domestic crude stocks fell more than 6 million barrels: API
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Oil advanced as expectations for shrinking American crude and gasoline stockpiles added to signals that a demand recovery may be on the horizon in the U.S. and China.
Futures edged 0.4% higher in New York on Tuesday, tracking a move higher in U.S. equities to fresh records. U.S. manufacturing expanded in August at the fastest pace since late 2018 and a private gauge of China factory activity last month grew at the quickest pace since January 2011.