Crude oil futures drove toward their highest prices in seven days amid Japanese economic data that is stronger than anticipated, Bloomberg reports.
The data from Japan suggests the globe's economic recovery is continuing and not working backward as many observers were concerned. The Japanese economy shrank 1.3 percent, an annualized rate less than the 2.5 percent projected by economist polled by Bloomberg.
"The market is continuing to hold in the wider range, still seeking to consolidate after heavy losses in August," analyst Andrey Kryuchenkov of VTB Capital in London told the news service. "It's unlikely we'll see a pronounced rebound in crude prices here as fears over a global economic slowdown are still rife."
At 9:32 a.m. on Monday, crude oil futures increased 0.72 percent, a 78 cent rise to $108.81 per barrel.
Reuters reports crude oil futures at first dropped as a result of a manufacturing index for New York State slipping for August from July. The reduction from -3.76 last month to -7.72 this month occurred on the Empire State Manufacturing Index, which is generated by the New York Federal Reserve.
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