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Oil prices edged up on Monday after China`s factories unexpectedly ramped up production in September. easing concerns about demand at the world`s largest crude importer amid an ongoing trade war with the United States. Brent crude futures rose 9 cents to $62 a barrel by 0300 GMT while U.S. West Texas Intermediate (WTI) crude futures rose 13 cents to $56.04 a barrel. Reuters said.
The Caixin Markit Manufacturing Purchasing Managers` Index (PMI) for September expanded for a second straight month as Chinese factories ramped up production and new orders rose. beating market expectations.
`The Caixin data was a real surprise and should be positive for Asia`s markets today.` said Jeffrey Halley. OANDA senior analyst in Singapore.
He added that the data would need to post similar results over the next few months to point to a China oil demand growth recovery.
The country is the world`s second largest oil user. Brent is set to rise 2.6% in September. its first monthly gain since June. with prices lifted by an unprecedented attack on Saudi`s oil facilities on September 14 that reduced its production by half. WTI is set to rise 1.7% this month. .
World`s top oil exporter Saudi Arabia has restored capacity to 11.3 million barrels per day. sources told Reuters last week although Saudi Aramco has yet to confirm it is fully back online.
