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Monday, Dec 3, 2012 5:30 PM UTC

Oil up as China manufacturing offsets weak US data

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Topics: From the Wires,

NEW YORK (AP) — The price of oil rose slightly Monday as a strong manufacturing report from China countered a weak one here at home.

An index measuring manufacturing in China showed expansion in November for the first time in 13 months. China is the world’s second-largest economy after the U.S. and a huge consumer of oil. A better economy there suggests that energy consumption is likely to grow, pushing oil prices higher.

But in the U.S. manufacturing shrank in November to its weakest level since July 2009. The impact of Superstorm Sandy and worries about automatic tax increases that could take effect in January combined to reduce factory orders and manufacturing jobs, the Institute for Supply Management said.

Around midday, benchmark oil rose 25 cents to $89.16 per barrel. Before the U.S. report was released around 10 a.m. Eastern, oil topped $90 for the first time since Oct. 22.

The price at the pump continued to fall Monday, reaching just under $3.39 a gallon, down 3 cents in a week. The national average is still higher than the $3.28 a gallon this time last year.

Overseas, European finance ministers will hear details of a plan for Greece to reduce its heavy debt by buying some of it back at bargain prices. Brent crude, which is used to price international varieties of oil, fell 22 cents to $111.01 on the ICE Futures Exchange in London.

Other futures on the New York Mercantile Exchange:

— Heating oil was flat at $3.06 a gallon

— Natural gas rose 6 cents to $3.62 per 1,000 cubic feet

— Wholesale gasoline was flat at $2.73 a gallon.

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  • The protests take on a festive element as police forces move out of the park and square. Wearing a gas mask, this young man dances to traditional Turkish music in front of Taksim Square’s Ataturk Monument.

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  • This rambunctious boy seems to be enjoying the chaos. After taking this picture he threw a stone at the already destroyed building in the background.

  • Forming a line, the police face off directly with protesters in Taksim Square. After a while, they retreated and there was a general cheer – a back-and-forth dance that has been common since the beginning of this protest.

  • An elderly woman in Gezi Park reads the news. The tent community occupying the park was violently destroyed on June 16th.

  • Many different groups had set up booths to promote their cause in Taksim Square and Gezi Park. Standing in front of one, this man waves his flag while posing with conviction.

  • Many home-remedies are used to minimize the effects of tear gas. This woman has put a milky solution on her face, removing her mask after the tear gas dissipated. Before sunrise, the police came again for another round of teargasing.

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