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2018
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brent crude futures extend earlier gain to exceed $101

brent crude rose after dipping below $100 a barrel for the first time in a month. signs of a slowing chinese economy and opec's decision to maintain production led prices lower earlier, amid speculation supply will outstrip demand.

brent advanced as much as 0.8 percent to $101.20 a barrel. chinese manufacturing indexes showed small businesses struggling, sapping momentum in the economy of the world's second-biggest consumer of oil. the organization of petroleum exporting countries kept its output ceiling of 30 million barrels a day at a meeting in vienna on may 31. jpmorgan chase & co. reduced its brent price forecast.

"for brent, we have more technical bounce off the psychology important $100 level," said harry tchilinguirian, head of commodity markets strategy at bnp paribas sa in london.

brent for july settlement was at $101.14 a barrel, up 75 cents, on the ice futures europe exchange at 12:06 p.m. london time. prices slid 2.2 percent last week and 1.9 percent in may.

west texas intermediate for july delivery was at $92.32 a barrel, up 35 cents, in electronic trading on the new york mercantile exchange. prices dropped 2.3 percent last week and 1.6 percent in may. brent was at a premium of $8.75 to wti futures, compared with $8.42 on may 31.

jpmorgan cut its forecast for brent to an average of $113 a barrel in the third quarter, from $120 previously, according to a may 31 report received by e-mail today. the bank reduced its outlook for the three months ended december to $117, from $120, and for 2014 to $117.50, from $122.50. jpmorgan cited demand weakness in europe and emerging markets and growing non-opec supply.

to contact the reporters on this story: konstantin rozhnov in london at This email address is being protected from spambots. You need JavaScript enabled to view it. ; jake rudnitsky in moscow at This email address is being protected from spambots. You need JavaScript enabled to view it.

to contact the editor responsible for this story: stephen voss at This email address is being protected from spambots. You need JavaScript enabled to view it.

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