Oil prices edged up on Tuesday after a 3% fall in the previous session but were pinned below $90 a barrel after weak Chinese economic data offset concern about an escalation of the conflict in the Middle East.
Its official purchasing managers’ index missed a forecast and dipped back below the 50-point level separating contraction from expansion. Upside for the oil market hangs on whether Israel expands its ground offensive in Gaza, CMC Markets’ analyst Leon Li said.
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