A pair of surveys of American companies shows that businesses grew at the fastest pace in October in at least eight months, according to IHS Markit. The firm’s flash manufacturing Purchasing Manager Index rose to 54.5 and hit a nine-month high. The flash services PMI increased to 55.9 from 55.3 and reached a eight-month peak.
December West Texas Intermediate crude is up 0.7%, to $52.28 a barrel on the New York Merc. At a conference today Saudi oil minister Khalid al-Falih said Saudi Arabia is willing to “do whatever it takes” to bring global crude inventories back to their five-year average. Crude prices have risen over the past couple of weeks following an independence referendum in Iraq’s northern, semiautonomous Kurdish region. That’s led to clashes with Iraqi forces retaking the oil-rich Kirkuk area, throwing into question Kurdistan’s ability to export oil through Turkey and raising doubts about investments from big oil companies. President Trump’s decision not to recertify Iran’s compliance with a 2015 international agreement to curb the Islamic Republic’s nuclear program has also supported oil prices. His decision has raised the prospect of fresh sanctions on Iran, which would likely disrupt its oil exports and reduce global supply.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
