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Crude Oil Finishes Slightly Higher Monday (RTTNews) - Crude oil finished a choppy session slightly higher on Monday as some encouraging manufacturing data offset a decline in U.S. equities. Light sweet crude for December delivery closed at $78.13 per barrel, up 13 cents on the session. Prices fell as low as $76.56 in earlier dealing. The the Institute for Supply Management manufacturing index rose to 55.7 in October from 52.6 in September, with a reading above 50 indicating growth in the sector. Economists had been expecting a more modest increase by the index to a reading of 53.0. In other U.S. economic news, the Commerce Department revealed that construction spending rose 0.8 percent in September. This followed a 0.1 percent decline in August and a 1.2 percent slide in July. In China, the HSBC Purchasing Managers' Index stood at 55.4 in October, up from 55.0 in September. This is highest reading recorded since April 2008. A reading above 50 indicates expansion, while one below 50 suggests contraction. In the Eurozone, the purchasing managers index for the region's manufacturing sector rose to 50.7 in October from 49.3 in September, survey data released by Markit Economics showed Monday. The dollar fell early against the euro on Monday in New York but bounced back to recover the daily gains. The buck was also little-changed versus the sterling. Traders looked ahead to Wednesday's government inventory report. Last week's data showed crude oil inventories rose just 800,000 barrels in the week ending October 23. Economists were looking for a much bigger build of 1.8 million barrels. Gasoline stockpiles unexpectedly rose 1.7 million barrels last week, according to the Energy Information. |
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