Oil prices steady on stronger Chinese factory data

NEW YORK (AP) ? The price of oil is up slightly as China's manufacturing sector appeared to be getting stronger.

China's factories had been slowing this year, likely weakening energy demand within the world's No. 2 oil consumer. Fears of an extended slowdown in China, combined with Europe's ongoing debt crisis, pushed oil prices lower over the past few trading days.

Yet a survey of Chinese manufacturers by HSBC suggests that factory activity has rebounded to its highest level in nine months.

Benchmark U.S. crude added 48 cents to $88.62 per barrel in New York while Brent crude added 38 cents to $103.64 per barrel in London.

At the pump, retail U.S. gasoline prices added nearly a penny to $3.477 per gallon.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-07-24-Oil%20Prices/id-2694a4f2b1334922a2e56084c1001235

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