01 Oct 2015

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Oil prices advance on US production drop

London - Global oil prices climbed on Thursday with a fall in US crude production helping to offset concerns over high crude stockpiles and soft demand.

China continued to offer downward pressure after official numbers showed its manufacturing sector shrank for a second straight month in September.

But data Wednesday showed US crude production falling by 40 000 barrels per day.

In Thursday trading, Brent North Sea crude for delivery in November gained 98 cents to stand at $49.35 a barrel in London afternoon deals.

US benchmark West Texas Intermediate (WTI) for November delivery was up $1.01 to $46.10 compared with Wednesday's close.

"Mixed signals (for the market)... as US production continues to decline while OPEC produced above its 30 million (barrels) a day quota for the 16th month in September," said Bernard Aw, market strategist at IG Markets in Singapore.

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