Oil prices ticked up in Asian morning trade on Monday, as market sentiment was buoyed by positive China and U.S. economic data, as well as expectations of ongoing crude supply cuts from major producers. Brent crude was up 17 cents, or 0.2%, at $88.72 a barrel at 0015 GMT. On the demand side, China's manufacturing activity unexpectedly expanded in August, data from Caixin's manufacturing PMI survey indicated, leading to renewed optimism about the economic health of the world's largest oil importer.
A gas station attendant pumps fuel into a customer's car at a gas station in Shangha
The sustained upward price movement comes after both contracts settled at their highest levels in more than half a year last week, breaking a two-week losing streak. However, investors continue to await more substantial moves to prop up the country's embattled property sector, which has been one of main drags on the Chinese economy since its emergence from the pandemic.
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