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Oil rises as Chinese factory data boosts commodities

Reuters  |  LONDON 

By Amanda CooperLONDON (Reuters) - Oil edged up on Wednesday as strong Chinese factory activity encouraged investor inflows into industrial commodities such as copper, although fast-growing U.S. crude output tempered price gains.China reported a 7.2 percent year-on-year increase in industrial output in the first two months of the year, roundly beating expectations and, in a dose of support for oil bulls, the data showed crude production fell 1.9 percent.Copper and palladium, a key component in gasoline-powered vehicles, both rose around 1 percent, which in turn encouraged a bounce in the oil ...

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First Published: Wed, March 14 2018. 15:27 IST