Singapore: 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 US West Texas Intermediate (WTI) crude futures rose 13 cents to $56.04 a barrel. "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. 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.

Source: Mint September 30, 2019 03:22 UTC