Oil is on the rise in early morning trade, supported by a rise in China's manufacturing data. Market eyes will be on the release of the latest U.S. industry data later in the day, namely the ADP employment numbers as well as ISM manufacturing numbers for August, as well as construction data for July. Gold is up too as investors remain eager to buy up safe haven assets amid concerns about U.S. economic growth in particular, as well as Europe's sovereign debt risks. Certainly, a slowdown in European manufacturing as export demand fell has enticed many market players to hedge their risks. At 0755 ET, Brent crude is up 1.3% at $75.60 a barrel, while light sweet crude is 0.9% higher at $72.58 a barrel, and natural gas is down 1.0% at $3.78 a million British thermal units. Gold is up 0.4% at $1,255.70 an ounce, while silver is up 0.3% at $19.50 an ounce, and copper is surging 2.2% at $3.44 a pound. BP plc ( BP ) said it will sell its Malaysian interests in ethylene and polyethylene to Petronas Gas Berhad (PETGAS) for $363 million. Canadian Natural Resources Ltd ( CNQ ) said it sees output at its Horizon oil sands project to fall sequentially in August, and the oil explorer also said that July volumes fell below estimates. Afren plc (AFR) said that production will more than double by 2011 as its Nigerian oil field comes on stream by the end of this year, the Financial Times reported. The CEO of Occidental Petroleum Corp ( OXY ) Ray Irani is expected to announce his retirement at a board meeting in October, according to the Wall Street Journal. Irani is expected to remain chairman for a few years. In the mining sector, gold produceres including Barrick Gold Corp ( ABX ), Newmont Mining Corp ( NEM ), and Goldcorp Inc ( GG ) are boradly higher before the bell as the yellow metal continues to climb.

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