US oil nears $85.60; drop in stockpiles expected

U.S. crude rose above $1 toward $85.60 a barrel on expectations of a drop in stockpiles and ongoing tension in Libya, offsetting weak data from China.

U.S. crude inventories were forecast to have fallen last week due to lower imports, a preliminary Reuters poll showed on Monday ahead of weekly data.

HSBC's China Flash PMI showed its factory sector is likely to slow slightly for a second consecutive month in August as sluggish overseas demand saps new orders.

(Reporting by Seng Li Peng; Editing by Sugita Katyal)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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