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Oil prices show mixed as investors await manufacturing data from China

Oil prices were mixed today as investors awaited manufacturing data from China ahead of an OPEC meeting on production caps.

Volumes were thin after Wall Street and London’s financial markets were closed yesterday.

Dealers expect Chinese manufacturing data due on Wednesday to set the tone at mid-week.

China is the world’s largest energy consumer so any indication of how its economy is performing acts as a key driver for oil prices.

“If the number is positive, it should help in prices as China is one of the drivers for the commodity,” CMC Markets trader Alex Wijaya told AFP.

“Major markets were closed yesterday so there wasn’t much of a driver for prices. Today should be pretty quiet as well.”

At about 0900 IST, US benchmark West Texas Intermediate (WTI), for delivery in July, was up 24 cents at USD 49.57 a barrel. Brent North Sea crude for July was down two cents at USD 49.74.

Oil prices dipped yesterday after comments from the US central bank head Janet Yellen suggested interest rates could rise soon if the world’s top economy continues to improve.

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