West TX Oil at $103.50 on China Factory Data

U.S. crude oil futures rose on Monday after encouraging factory activity data from major buyer China, recouping some losses from profit taking in the previous session.  U.S. crude futures for July delivery rose 32 cents to $103.03 a barrel by 0013 GMT, after finishing 87 cents lower on Friday.

China’s factory activity expanded at the fastest pace in five months in May due to new orders, official data showed on Sunday, reinforcing views that the world’s second-largest economy is regaining momentum in the second quarter following Beijing’s targeted measures to bolster growth.

Iraq threatened on Sunday to take legal action against any buyer of oil exported via a new pipeline from the autonomous Kurdistan region to Turkey, while the destination of the first cargo was still unclear.

CNBC

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