Oil prices down after weak China, Europe data

GMT 13:38 2014 Tuesday ,02 September

Arab Today, arab today Oil prices down after weak China, Europe data

Brent North Sea crude
London - AFP

World oil prices fell on Tuesday after disappointing manufacturing data on top energy consumer China as well as Europe, and as dealers await fresh US economic figures, analysts said.
Brent North Sea crude for October dipped 71 cents to $102.08 per barrel in early afternoon London deals.
US benchmark West Texas Intermediate for October delivery shed 69 cents to $95.26 per barrel.
"Brent crude prices (were) weighed upon by faltering manufacturing growth in both Europe and China at time of abundant supply," said Inenco analyst Dorien Lucas.
"Global supply remains strong despite ongoing conflicts in two of OPEC’s more able contributors," he added, citing unrest in Iraq and Libya.
China said on Monday that its official purchasing managers' index (PMI) of manufacturing activity slipped to 51.1 last month.
That was down from 51.7 in July -- a more than two-year high -- and the first decline since February.
Anything above 50 indicates growth and anything below suggests contraction.
In Europe, Markit's PMI of output in the 18-nation eurozone's manufacturing sector fell to 50.7 in August from 51.8 in July.
"Below-consensus manufacturing surveys in China and the eurozone did not help risk appetite," French bank Credit Agricole added in a note.
Investors are awaiting the US Institute for Supply Management's August PMI for the US manufacturing sector later Tuesday. Credit Agricole said the figure "likely edged down to 56.2", from 57.1 in July. US markets were closed on Monday for the Labor Day public holiday.
Latest US construction spending data, another key indicator of the health of the world's biggest economy, is also set for release on Tuesday.
Simmering insurgencies in major crude producers Libya and Iraq, as well as in Ukraine, a key conduit for Russian gas exports to Europe, continue to provide some support to oil prices, analysts said.

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