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- Oil prices fall on concerns over the global oil oversupply and on a weak Chinese manufacturing PMI data
Oil prices fall on concerns over the global oil oversupply and on a weak Chinese manufacturing PMI data
Oil prices declined on concerns over the global oil oversupply and on a weak Chinese manufacturing PMI data. The Chinese manufacturing PMI fell to 49.4 in January from 49.7 in December, according to the Chinese government on Monday. It was the lowest reading since August 2012. Analysts had expected the index to decline to 49.6.
The Chinese Markit/Caixin manufacturing PMI rose to 48.4 in January from 48.2 in December. The increase was driven by a softer drop in new orders.
A senior OPEC delegate said on Monday that it was too early to talk about an OPEC emergency meeting to discuss the output cut.
WTI crude oil for March delivery fell to $31.81 a barrel on the New York Mercantile Exchange.
Brent crude oil for April declined to $35.72 a barrel on ICE Futures Europe.
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