8/3, 6:54 PM (Source: TeleTrader)
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Crude turns to gains as data signals economic rebound

Prices of oil bounced back from losses recorded earlier on Monday to trade in the green territory after data reports suggested economic recovery from the coronavirus crisis.

Manufacturing activity in the United States reached its highest level since January in July, while the German manufacturing sector marked the largest growth since December 2018. The Eurozone Manufacturing Purchasing Managers Index stood at its highest level in a year and a half.

West Texas Intermediate (WTI) for September delivery went up by 1.69% at 12:42 pm ET, selling at $40.95 per barrel. A minute later, Brent for settlements in October gained 1.45% to go for $44.16 per barrel.

Breaking the News / GA