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Crude Oil Tumbles On OPEC Report

Crude oil futures tumbled Monday as the U.S. dollar continued to strengthen.

Also, a report surfaced showed OPEC compliance with its supply quota plan has dropped to 86%. With supplies outpacing demand, the glut of oil is expected to linger in 2018.

WTI light sweet crude oil was down $1.24 to $50.43 a barrel, sliding from a recent 4-month peak.

Activity in the U.S. manufacturing sector unexpectedly grew at a faster rate in the month of September, according to a report released by the Institute for Supply Management on Monday.

The ISM said its purchasing managers index climbed to 60.8 in September from 58.8 in August, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to dip to 50.8.

The Commerce Department said construction spending climbed 0.5 percent to $1.218 trillion in August after plunging by 1.2 percent to $1.212 trillion in July. Economists had expected spending to rise by 0.2 percent.

by RTTNews Staff Writer

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