Oil falls after US PMI data
Oil falls after US PMI data
01:06 GMT — Oil prices fall in early Asian trade after U.S. PMI data released overnight showed an expansion in economic activity. The US dollar strengthened after the country’s trade activity resumed in October, weighing on oil prices, says Oanda analyst Édouard Moya said in a research note. “It appears the U.S. economy is refusing to collapse, which means there are risks of further tightening and the mantra of a longer hike will last a little while longer,” Moya says. Oil prices could remain slightly lower if diplomatic efforts to contain the Israel-Hamas conflict continue, the analyst adds. Front-month WTI falls 0.25% to $83.53/barrel and Brent is down 0.1% to $87.97/barrel. (sherry.qin@wsj.com)
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