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Crude recovers on Syria airstrikes, positive data

2014-09-24 09:24 Xinhua Web Editor: Qin Dexing

U.S. crude prices recovered Tuesday as the United States and its Arab allies launched airstrikes against Islamic State (IS) militants in Syria and a report showed China's purchasing managers' index (PMI) picked up in September.

The United States and partner nations have begun striking IS targets in Syria, the Pentagon said Monday night. The raids reportedly killed at least seven fighters of the al-Qaida-linked Nusra Front and eight civilians on Tuesday. China's manufacturing activities improved slightly in September, underscoring sustained output growth in the month, according to a flash reading of the HSBC survey released on Tuesday. The HSBC flash manufacturing PMI in September edged up to 50.5, a rise of 0. 3 from 50.2 in August.

U.S. economic data released on Tuesday were also generally positive. U.S. manufacturing activity in September remained at a more than four-year high, said financial data firm Markit. The flash U.S. PMI Index registered 57.9 this month, unchanged from August.

Meanwhile, U.S. house prices rose a seasonally adjusted 0.1 percent, the slowest pace in three months, the Federal Housing Finance Agency said Tuesday.

Light, sweet crude for October gained 69 cents to settle at 91. 56 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery fell 12 cents to close at 96.85 dollars a barrel.

Brent crude, the benchmark for international oil, made gains during early trading on Tuesday, but it slipped partly because Libya said its largest oilfield Sharara, which was closed after a rocket attack last week, resumed production.

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