Brent crude edged above $110 a barrel on Monday as Chinese industrial activity clung to an 18-month high and on continued supply disruptions in Libya.
Oil prices were boosted by data showing manufacturing growth in China, the world’s biggest crude importer, held at an 18-month peak in November on firm domestic and foreign demand, despite worries the economy is facing a modest slowdown.
“Risk assets came back on with the positive numbers out of China,” said Ben Le Brun, a market analyst at OptionsXpress in Sydney. “This could reverberate for a couple of days to support oil prices.”
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