Moderating Chinese Manufacturing data, a rebound in global equity markets and US Dollar weakness offer early morning support for October crude oil. Overnight reports out of Tripoli indicated that pro-Gaddafi supporters increased resistance against rebel forces, which undermines prospects for a quick return of Libyan oil production. While some estimates indicate that it might take 18 months for Libyan oil production to return back to 2010 levels, resurgence on behalf of Gaddafi supporters could shift the timeline further away. Meanwhile, the latest read on South Korean oil imports showed a 13.5% increase on the year as refiners in the country try to meet growing Japanese demand. South Korean oil product exports were up more than 37% on the year.
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