Markets

Stockpiles down as US oil nears $85.60 per barrel

SINGAPORE : U.S. crude rose above $1 towards $85.60 a barrel on expectations of a drop in stockpiles and ongoing tensi

Published August 23, 2011 Updated August 23, 2011 08:09am

1 min

By Fakir Syed Iqtidaruddin

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U.S. crude inventories were forecast to have fallen last week due to lower imports, a preliminary Reuters poll showed on Monday ahead of weekly data.

HSBC's China Flash PMI showed its factory sector is likely to slow slightly for a second consecutive month in August as sluggish overseas demand saps new orders.

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