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- Oil prices decrease on the Chinese economic data and on oil output data from Russia
Oil prices decrease on the Chinese economic data and on oil output data from Russia
Oil prices fell on the Chinese economic data and on oil output data from Russia. Russia produced 10.78 million barrels per day in October. The country tries to defend its market share.
The Chinese preliminary Markit/Caixin manufacturing Purchasing Managers' Index (PMI) rose to 48.3 in October from 47.2 in September, exceeding expectations for a rise to 47.5. A reading below 50 indicates contraction of activity. The index was driven by a slower contraction of new business.
Market participants also eyed the U.S. rigs data. The oil driller Baker Hughes reported on Friday that the number of active U.S. rigs declined by 16 rigs to 578 last week. It was the ninth consecutive decrease and the lowest level since June 18, 2010. Combined oil and gas rigs declined by 12 to 775. It was the lowest level since April 2002.
WTI crude oil for December delivery decreased to $46.04 a barrel on the New York Mercantile Exchange.
Brent crude oil for December fell to $48.83 a barrel on ICE Futures Europe.
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