Oil prices moved off nine-month lows on
Tuesday, brushing off weak Chinese import data and Friday's soft U.S. jobs
report on hopes weekly supply data will reflect solid demand in the world's
largest consumer of crude. In the New York Mercantile Exchange, West Texas
Intermediate crude oil for delivery in October traded up 0.29% at $92.93 a
barrel during U.S. trading. New York-traded oil futures hit a session low of
$92.53 a barrel and a high of $93.94 a barrel. The October contract settled
down 0.68% at $92.66 a barrel on Monday. Nymex oil futures were likely to find
support at $91.24 a barrel, the low from Jan. 9, and resistance at $93.62 a
barrel, Monday's high. Oil prices took a hit on Monday after data revealed
China's imports dropped in August when markets were expecting them to expand,
while Friday's disappointing jobs report in the U.S. also dampened demand for
the growth-sensitive commodity.
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