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During the day, Brent crude oil price fluctuated around $ 108 a barrel after a series of six-day decline on weak European data and signs that Chinese demand may begin to recover.
According to preliminary data, the index for the manufacturing PMI rose in October to the three-month high, reaching the mark with 49.1, compared with 47.9 in September. However, the index is still below 50, indicating a reduction in activity, although at a more moderate pace.
At the same time, the economic outlook remains bleak in Europe, which is reflected in the values of the index of PMI in the manufacturing sector, which fell sharply, reaching a minimum at the same level since June 2009, amid concerns that the recession in the currency bloc is likely to be exacerbated in the last quarter of this year.
Note also that the manufacturing PMI in Germany also fell unexpectedly, while the index of business sentiment recorded six consecutive monthly decrease.
Also today, oil prices came under pressure due to weak demand outlook from the two world oil consumers. At the same time supplies from Nigeria, which is the largest oil producer in Africa, have provided some support for prices, in particular brand Brent.
But oil is not able to keep its positions, and sharply declined after a report from the Department of Energy showed inventory levels increased three times more than expected last week, while adding 5.9 million barrels. Analysts on average were at 1.8 million. The department also reported that gasoline demand fell to a seven-month low.
December futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) is $85,61 per barrel on the New York Mercantile Exchange.
December futures price of North Sea Brent crude oil mix is now $107,67 a barrel on the London Stock Exchange ICE Futures Europe.
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