Oil Trades Near $50 as Europe Economic Data Counters Iraq Demand – Bloomberg

Oil traded near $50 as better-than-expected economic data in Europe countered Iraq’s demand that OPEC should exempt it from planned output cuts.Prices rose as much as 0.3 percent in New York. A Purchasing Managers’ Index for manufacturing and services in the euro zone rose to 53.7 in October, the fastest pace since the beginning of this year, IHS Markit said on Monday. Iraq should be exempted from trimming production because it’s embroiled in a war with Islamic militants, Oil Minister Jabbar Al-Luaibi said Sunday in Baghdad. Rigs targeting crude in the U.S. rose for an eighth week, according to Baker Hughes Inc.

Source: Oil Trades Near $50 as Europe Economic Data Counters Iraq Demand – Bloomberg

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