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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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With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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