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| Picture Credit: dalje.com |
As investors hope for stimulus from the Federal Reserve, crude oil prices edged up on Monday despite weak data from China.
As the trading started earlier in the day, crude prices were pressured by the weak trade data from the world second largest oil consumer, China. Figures show that imports of crude for Chinese fell 2.6% concurrently in August, far below the expectations of a 3.5% rise. However exports grew 2.7% thereby almost missing the 3% target.
Investors were hoping that darkened economic signs will trigger will trigger stimulus from the Fed.
In the Middle East, Saudi Oil Minister Ali al-Naimi said on Monday that Saudi Arabia was concerned about the high oil prices and would take adequate steps to ensure outputs is increased. He however thinks the rising prices were not supported by market fundamentals.
(Edited by: Blueblock)
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