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Positive News Pushes Oil to Six-Month High

Increases in manufacturing in China and the US pushed oil to a six-month high as
US light crude oil rose by $2 a barrel or 2.5%, to $83.45. London Brent rose by $1.90 to $85.04 a barrel, before both slipped back slightly. Prices were also boosted by comments from Saudi Arabia’s Oil Minister Ali al-Naimi who described oil prices between $80 and $90 a barrel as acceptable. Traders took this as a sign that oil produces would allow prices to rise to $90 a barrel before taking any action to bring prices down.

Source: BBC News [1]

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Scott Boyd

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