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Oil rally cools as markets weigh OPEC+ cut, manufacturing slowdown
Oil prices rose slightly in early Asian trade on Tuesday as markets weighed a surprise output cut by the OPEC+ against fears of slowing economic growth after a barrage of weak manufacturing indicators from across the globe. Crude prices rallied to multi-month highs on Monday after the Organization of Petroleum Exporting Countries and allies (OPEC+) unexpectedly said it will cut output by over 1.6 million barrels per day (bpd), pointing to tighter supply in the coming months. But this was also accompanied by a slew of weak manufacturing data from across the globe, which played into concerns that an economic slowdown ... (full story)