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MTECHTIPS:-NYMEX crude up in Asia as investors buy on dip, China in focus

MTECHTIPS:-NYMEX crude up in Asia as investors buy on dip, China in focus

Crude oil prices pipped higher in Asia on Tuesday with China again in focus but investors noting the combination of a weak dollar and recent declines offering a potential good buying opportunity. On the New York Mercantile Exchange, WTI crude for October delivery gained 0.35% to $38.38 a barrel with the near term focuses on China and industry estimates from the American Petroleum Institute on U.S> stockpiles last week of crude and refined products. Overniight, U.S. crude plunged under $38 on Monday, as weak demand in China reverberated throughout energy markets worldwide pushing future prices to fresh lows previously not experienced since the height of the Financial Crisis. On the Intercontinental Exchange (ICE), Brent crude for October delivery wavered between $42.53 and $45.47 a barrel before closing at $42.62, down 2.85 or 6.24% on the day. The spread between the international and U.S. benchmark for crude stood at $4.46, below Friday’s level of $5.01 at the close. On Monday, a lack of activity from the People’s Bank of China spooked equity markets worldwide as the fallout continued from the release of disappointing manufacturing data late last week. Chinese index futures fell by their limit of 10%, providing strong indications that the downturn will continue.
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