Global oil prices recovered Thursday from
a two-year low in New York on encouraging Chinese and German economic data and
reports of Saudi Arabia cutbacks.
US benchmark West Texas Intermediate for
December delivery advanced $1.57 to close at $82.09 a barrel on the New York
Mercantile Exchange. The WTI futures contract closed Wednesday at its lowest
level since late June 2012.Brent North Sea crude for December jumped $2.12 to
settle at $86.83 a barrel in London trade.
British banking giant HSBC's preliminary
manufacturing purchasing managers index (PMI) for China showed a slight uptick,
to 50.4 in October from 50.2 in September, easing concerns about slowing
economic growth in the world's largest energy consumer.
On Wednesday the market tanked after the US government reported a large increase in crude-oil inventories, 7.1 million barrels, last week in the United States, the biggest consumer of crude.
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