Oil prices rise on supply picture, weak Chinese data weighs
LONDON: Oil prices rose on Thursday, boosted by a large drawdown in US crude inventories and production cuts by OPEC+, but a slowdown in China’s manufacturing activity limited gains.
Brent crude futures for October, expiring on Thursday, rose 45 cents, or 0.5%, to $86.31 a barrel by 1004 GMT. The more active November contract was up 25 cents, or 0.3%, at $85.49.
US West Texas Intermediate crude futures for October rose 29 cents, or 0.4%, to $81.29.
US government data on Wednesday showed the country’s crude inventories fell by a larger than expected 10.6 million barrels last week, depleted by high exports and refinery runs.
