Oil Rises Above $109 on Demand Outlook, Supply Cuts

Oil rose more than $1 to above $109 a barrel on Thursday as upbeat economic data from China and Europe pointed to a stronger demand outlook and unrest in Libya and Iraq disrupted supplies.
China’s official purchasing manager’s index came in higher than expected on Thursday and a survey showed euro zone manufacturing returned to growth in July, suggesting the region may pull out of recession this quarter.
Brent crude gained $1.18 to $108.88 a barrel by 1350 GMT and hit …

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