Oil futures advanced on Tuesday as China's manufacturing data improved. Crude oil for September settlement jumped 0.5 per cent, to $88.59 per barrel during today's New York trading session. The boost in prices was provided by the series of debt downgrades by Moody's. Rating agency downgraded the outlooks on Germany, the Netherlands and Luxembourg. Moreover Moody's claimed that the possibility of Greece's exit from the Eurozone is getting more obvious.