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Oil gains on weaker U.S. business activity, but Chinese demand data weighs

October 24, 2022

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Oil edged up in choppy trade on Monday, as weakening U.S. business activity data eased expectations for more aggressive interest rate hikes, while data showing demand from China remained lacklustre in September limited prices.

Brent crude futures for December settlement were up 55 cents, or 0.6%, at $94.05 a barrel by 10:39 a.m. EDT (1439 GMT), after rising 2% last week. U.S. West Texas Intermediate crude for December delivery gained 55 cents, or 0.7%, to $85.60 a barrel. Both benchmarks had fallen by $1 a barrel earlier in the session.

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