SF: Crude Oil Futures Rise After U.S. Business Activity Expands
June 30 (Bloomberg) -- Crude oil rose after a report showed that U.S. business activity expanded, bolstering optimism that economic growth and energy demand will accelerate.
Oil rebounded after the Institute for Supply Management- Chicago Inc. said its business barometer fell to 59.1 this month, in line with the median forecast of economists surveyed by Bloomberg News, from 59.7 in May. Figures greater than 50 signal expansion. Prices dropped earlier on a report that U.S. employers added fewer jobs than economists estimated in June.
"This week could make or break the economic recovery," said Peter Beutel, president of energy adviser Cameron Hanover Inc. in New Canaan, Connecticut.
Crude oil for August delivery rose 41 cents, or 0.5 percent, to $76.35 a barrel at 10:03 a.m. on the New York Mercantile Exchange. Futures have lost 8.8 percent since the end of March and 3.8 percent this year. Oil has risen 3.3 percent in June.
