Tuesday, November 03, 2009 SINGAPORE: Oil rose further in Asian trade Tuesday, underpinned by a better-than-expected expansion in the US manufacturing sector, analysts said. A weak greenback, which makes dollar-priced crude cheaper for holders of stronger currencies, was also an extra factor behind the higher futures, they added. New York's main contract, light sweet crude for December delivery, advanced 26 cents to 78.39 dollars a barrel. Brent North Sea crude for December delivery gained 19 cents to 76.74 dollars. The two contracts closed firmer Monday, buoyed in part by the US manufacturing expansion.The Institute of Supply Management said Monday its factory index, also known as the purchasing managers index, grew for a third consecutive month in October with a reading of 55.7 percent. It was stronger than market expectations for a reading of 53 percent and the highest rate of growth since April 2006. Any number above 50 indicates growth. "The reading marks the highest point in three and a half years," said Dariusz Kowalczyk, chief investment strategist with SJS Markets securities firm. Among the sub-indexes in the survey, the employment index was 53.1 percent, marking a sharp turnaround from last month's 46.2 percent and suggesting that factories are starting to add jobs. "This is the first time in a year and a half that US manufacturers increased employment, a factor that bodes well for Friday's payrolls report," said Kowalczyk.
BAGHDAD: Nearly 500 U.S. Army combat engineers who specialize in clearing roads of explosives started shifting to southern Afghanistan."We are probably going to be the beginning of the influx you are going to see to Afghanistan," Lt. Col. Kevin Landers, commander of the Fort Carson, Colo.-based 4th Engineer Battalion, said as crews packed crates and cleaned vehicles for the flight to Kandahar.Obama has ordered 17,000 more U.S. soldiers and Marines to Afghanistan to bolster the 38,000 American troops already battling the resurgent Taliban."We are going to take this footprint out of Iraq," said Landers, whose battalion received word of its reassignment last month just after taking command of clearing roads in Baghdad of bombs and debris.
Comments