MTECHTIPS;-Crude narrowly mixed in Asia as China manufacturing PM

MTECHTIPS;-Crude narrowly mixed in Asia as China manufacturing PMI offers support

MTECHTIPS -Crude oil prices were narrowly mixed in Asia on Thursday as sentiment was underpinned regionally by China’s official manufacturing PMI, though the market is now largely driven by the stoppages and damaged caused by Hurricane Harvey along the U.S. Gulf Coast. On the New York Mercantile Exchange crude futures for October delivery fell 0.02% to $45.95 a barrel, while on London’s Intercontinental Exchange, Brent edged up 0.08% to $50.77 a barrel. In Japan, provisional industrial production data for July fell 0.8%, more than a 0.5% decline expected. The official manufacturing Purchasing Managers’ Index in China came in at 51.7 in August, beating expectations, data released Thursday showed. Analysts polled by Reuters expected China to post official PMI of 51.3 for August, a tick down from 51.4 in July. A reading above 50 indicates expansion, while a reading below that signals contraction. The non-manufacturing, or services, came in at 53.4 in August, down from 54.5. In Australia, private new capital expenditure for the second quarter jumped 0.8%, well above a 0.3% gain seen and private sector credit for July came in as expected, up 0.5%. Overnight, crude futures settled lower on Wednesday, as flooding from Tropical Storm Harvey continued to batter US refinery capacity, offsetting data showing U.S. supplies of crude oil fell for a ninth-straight week

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