Oil prices rise on increase in US manufacturing in September

Oil prices have risen to US$92 a barrel in Asia on release of data showing a rise in US manufacturing in September for the first time in four months. Brent crude has dipped to US$112.01 on the ICE Futures Exchange in London. Analysts at Capital Economics said in a market commentary that the boost in oil prices following the Federal Reserve’s announcement of a third round of bond buying to help boost the U.S. economy was starting to wane. Instead, the focus would likely “return to the deterioration in underlying economic and financial conditions that made the additional stimulus necessary in the first place.” A glimpse of the U.S. jobs picture will come Friday, when the Labour Department releases employment data for September.
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