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Oil ticks higher but remains headed for weekly loss

November 1, 2019


Oil futures were up slightly Friday, buoyed by an upbeat read on Chinese manufacturing activity, but remain on track for a weekly loss after a rise in U.S. inventories and uncertainty around U.S.-China trade talks.

West Texas Intermediate crude for December delivery CLZ19, +1.62% rose 30 cents, or 0.6%, to $54.48 a barrel, while January Brent crude BRNF20, +1.36%, the global benchmark, gained 20 cents, or 0.3%, to trade at $59.82 a barrel.

Analysts attributed the bounce in part to data Friday showing a rise in the Caixin China manufacturing purchasing managers index to a 32-month high of 51.7 last month from 51.4 in September.

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