Oil inches up on upbeat China data, shaky Israel-Lebanon ceasefire
Oil prices edged up on Monday supported by upbeat factory activity in the world's second largest oil consumer China and as Israel resumed attacks on Lebanon despite a ceasefire agreement, stoking tensions in the Middle East.
Brent crude futures climbed 8 cents, or 0.1%, to $71.92 a barrel by 0107 GMT while U.S. West Texas Intermediate crude was at $68.09 a barrel, up 9 cents, or 0.1%.
Prices rose after an official survey showed that China's factory activity expanded modestly for a second straight month in November, suggesting a blitz of stimulus is finally trickling through just as Donald Trump ramps up his trade threats.
«China data is helping, but I think it is also coming on concerns the Israel-Lebanon ceasefire may not hold,» IG's Sydney-based market analyst Tony Sycamore said.
A truce between Israel and Lebanon came into effect on Wednesday but both sides have accused each other of breaching the ceasefire.
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