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Oil rose from a six-week low after a report showed that manufacturing in the U.S. expanded at a faster pace than forecast, signaling economic growth in the world’s biggest crude-consuming country.
Futures climbed as much as 1.4 percent as the Institute for Supply Management’s factory index increased to 53.4 last month from 52.4 in February, the Tempe, Arizona-based group’s data showed. The median forecast called for a gain to 53. Crude fell earlier after a report showed euro- region manufacturing contracted.
Futures in New York dropped as much as 0.9 percent earlier as London-based Markit Economics said euro-area manufacturing declined for an eighth month in March. The European manufacturing gauge, based on a survey of purchasing managers, fell to 47.7 from 49 in February, remaining below the 50 line that divides expansion from contraction.
Crude oil for May delivery rose to $104.79 a barrel on the New York Mercantile Exchange. Earlier, futures touched $102.06 a barrel, the lowest level since Feb. 13. Prices are up 5.6 percent this year.
Brent oil for May settlement climbed $1.59, or 1.3 percent, to $124.47 a barrel on the London-based ICE Futures Europe exchange.
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