Oil prices rise amid positive economic data
Xinhua
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(Photo: Agencies) 

NEW YORK, Sept. 1 (Xinhua) -- Oil prices gained on Tuesday as market sentiment was boosted by a slew of positive data.

The West Texas Intermediate (WTI) for October delivery climbed 15 cents to settle at 42.76 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery advanced 30 cents to close at 45.58 dollars a barrel on the London ICE Futures Exchange.

The moves came after data showed the recovery of the global manufacturing sector gathered pace in August, with output and new orders rising at the fastest rates since April 2018 and June 2018 respectively.

The J.P.Morgan Global Manufacturing PMI (Purchasing Managers' Index) stood at a 21-month high of 51.8 in August, up from 50.6 in July and above the neutral 50.0 mark for the second successive month, according to the latest report produced by J.P.Morgan and IHS Markit in association with the Institute for Supply Management and the International Federation of Purchasing and Supply Management.

China, the U.S., Germany, the UK, India and Brazil were some of the larger industrial nations to register expansions of output during August, said the report.

Oil prices have been moving within a narrow sideways trading corridor in recent weeks. The trading range in both July and August was less than 4 dollars.

Based on the most actively traded contracts, U.S. benchmark WTI crude rose 5.8 percent in August, while the global benchmark Brent notched a monthly gain of about 4.6 percent.