The price of a barrel of oil fell to near $105 on Thursday, extending a big drop the previous day sparked by weakness in China’s economy.
Benchmark crude for September delivery was down 33 cents at $105.05 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped $1.84, or 1.7 percent, to close at $105.39 on Wednesday, according to a report of the Associated Press.
An HSBC survey released Wednesday showed China’s manufacturing at an 11-month low this month, indicating a deepening slowdown in the world’s second-largest economy.
Brent crude, which is traded on the ICE exchange in London, was down 31 cents at $106.88 a barrel.