Oil traded above $70

Oil traded above $70
# 02 September 2009 08:45 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. Crude oil rose above $70 a barrel, reversing earlier losses, after a report showed manufacturing in China expanded in August, easing concern of an economic slump in the world’s second-largest energy user.
Oil yesterday declined the most in two weeks on concern a slowdown in China’s lending may derail an economic recovery. The Purchasing Manager’s Index for July rose at the fastest pace in 16 months, the Federation of Logistics and Purchasing said today. A report later may show U.S. manufacturing expanded for the first time since January 2008.
Crude oil for October delivery rose as much as 47 cents, or 0.7 percent, to $70.43 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $70.32 at 2:45 p.m. in Singapore. Futures earlier fell as much as 0.6 percent to $69.55.
Yesterday, the contract declined 3.8 percent to $69.96 a barrel, the biggest drop since Aug. 14. Prices have increased 58 percent this year.
Brent crude oil for October settlement rose as much as 48 cents, or 0.7 percent, to $70.13 a barrel on the London-based ICE Futures Europe exchange. It traded at $70.02 at 2:45 p.m. Singapore time. Yesterday, the contract declined 4.3 percent to end the session at $69.65.
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