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Oil prices rise in Asia on surge in US dollar and weak manufacturing data

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Oil prices rebounded in Asia today on bargain-hunting after falling to multi-month lows due to a surge in the United States dollar and weak global manufacturing data, analysts said.
United States benchmark West Texas Intermediate (WTI) for October delivery rose 39 cents to United StatesD 93.27 while Brent crude for October gained 37 cents to United StatesD 100.71 in late-morning trade.
WTI fell United StatesD 3.08 to United StatesD 92.88 in New York trade, its lowest level since January, while Brent sank United StatesD 2.45 in London to United StatesD 100.34. It had gotten as low as United StatesD 100.17, its lowest level since May 2013.
"The oil market is recovering after the surge in the United States dollar put a downspin on commodity prices, including crude oil," David Lennox, resource analyst at Fat Prophets in Sydney, told AFP.
The United States dollar bought 105.20 yen in Asia today, compared with 104.06 yen on Friday before the long weekend in the United States.
United States markets were shut on Monday due to the Labor Day public holiday.
A stronger greenback makes dollar-priced oil and commodities more expensive for buyers United Statesing weaker currencies, denting demand and pUnited Stateshing prices lower.
Lennox said oil prices were also under pressure after weak Chinese and European manufacturing data released this week raised concerns about a slowdown in global energy demand.
Investors will next be scrutinising the latest official United States petroleum stockpiles report for trading cues, he added.
The United States Energy Information Administration will release the report a day later than United Statesual tomorrow instead of today due to the public holiday on Monday.

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