MTECHTIPS;-Crude gains in Asia with China PMI figures ahead eyed

MTECHTIPS;-Crude gains in Asia with China PMI figures ahead eyed

MTECHTIPS-Crude prices inched higher in Asia on Monday ahead of China manufacturing and services PMI figures seen as reliable indicators of near-term demand prospects. The U.S. West Texas Intermediate crude September contract rose 0.48% to $49.95 a barrel, while on the ICE Futures Exchange in London, Brent oil for September delivery was last quoted at $52.22 a barrel. Ahead the CFLP manufacturing PMI is expected to show a level of 51.6, a dip from 51.7 in June with a reading of 54.9 for the services PMI in the earlier month. The private Caixin manufacturing reading is due on Tuesday with a reading of 50.4 seen. Any level above 50 denotes expansion. Earlier, Japan reports industrial production data with June expected to show a provisional 1.7% gain. Last week, Oil prices settled higher for the fifth session in a row on Friday to log its biggest weekly gain this year as investors cheered signs that rising demand will offset excess supplies in the second half of the year. Fresh pledges from Saudi Arabia and Nigeria to respectively pull back on exports and output boosted sentiment. Data showing a fourth consecutive week of declines in U.S. crude inventories and signs of a possible slowdown in U.S. shale production further added to optimism that the oil market was beginning to re balance

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