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Oil prices fell markedly , dropping at the same time below $ 108 per barrel, as the higher the volume of production in Iraq and a possible improvement in US- Iranian relations have improved the outlook for supply and compensate for this upbeat economic data from China and Europe .
Note that the price of oil fell last week, after the resumption of some supplies from Libya after weeks of unrest and fear, on the background of the fact that the probability of military action by the U.S. against Syria has decreased significantly .
Prices resumed their downward trend, after Iraq , a major oil producer in OPEC , said today that it has increased production at its southern oil fields after the repair of the pipeline. We also add that the downward trend was also supported by innovative options meetings between the leaders of the United States and Iran this week.
Iranian President Hassan Rouhani will seek to set the tone for further nuclear talks with world powers that can bring relief to the tension, and improve the relationship between the countries.
In addition, we add that the course of trade affected by Chinese data that showed that this month the manufacturing PMI index increased significantly , thereby exceeded the estimates of experts , and reaching the highest level in six months, which primarily was due to the increase in new export orders.
According to the report , the September purchasing managers' index for the manufacturing sector rose to 51.2 points, compared with 50.1 in August , reaching a six-month high at the same time . Note that according to the average forecasts of experts the value of the manufacturing index was up to the level of 50.9 points.
No less important was the report on the euro area. As it became known , the preliminary consolidated production index rose in September more than expected to a 27- month high of 52.1 compared with 51.5 in August. Economists had expected a rise to 51.7 .
The index of purchasing managers in the services sector reached 52.1 compared with 50.7 in August. Activity in the services sector rose a second month in a row , has expanded at the fastest pace since June 2011 . Meanwhile , the index of manufacturing activity fell to 51.1 in September from 51.4 in August. However , industrial production increased for the third consecutive month.
The cost of the November futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 103.44 a barrel on the New York Mercantile Exchange.
November futures price for North Sea Brent crude oil mixture fell $ 1.06 to $ 107.94 a barrel on the London exchange ICE Futures Europe.
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