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Oil nears US$93 after US manufacturing rises

BANGKOK -- The price of oil approached US$93 a barrel Tuesday in Asia after a report showed U.S. manufacturing rose in September for the first time in four months.

Benchmark oil for November delivery was up 21 cents to US$92.69 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.

The contract closed up 29 cents at US$92.48 in New York on Monday after a report showed U.S. manufacturing grew in September for the first time in four months.

Brent crude, which is used to price international varieties of oil, was down 22 cents to US$111.97 on the ICE Futures Exchange in London.

Some analysts said the lift in oil prices following the Federal Reserve's announcement of a third round of bond buying on Sept. 13 was starting to wane.

Instead, the focus would likely “return to the deterioration in underlying economic and financial conditions that made the additional stimulus necessary in the first place,” analysts at Capital Economics said in an email commentary.

A glimpse of the U.S. jobs picture will come Friday, when the Labor Department releases employment data for September.

In other energy futures trading:

— Natural gas rose 5.1 cents to US$3.531 per 1,000 cubic feet.

— Heating oil fell 0.3 cent to US$3.139 per gallon.

— Wholesale gasoline fell 0.1 cent to US$2.911 per gallon.

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