2024-09-04 14:40:32
Quotations of the two leading types of oil in Asian trade are diverging amid concerns about the continued slowdown in economic growth in China, which is displacing fears of reduced production in Libya, Reuters reported, quoted by BTA.
North Sea Brent futures, Europe’s benchmark, were down 37 cents, or 0.5 percent, at $77.15 a barrel.
U.S. light crude futures rose 29 cents, or 0.4 percent, to $73.84 a barrel after the contract was closed yesterday due to the U.S. Labor Day holiday.
Oil prices remain under pressure amid ongoing concerns about demand for the crude in China. Weaker-than-expected macroeconomic data over the weekend did little to ease those concerns, ING’s Warren Patterson said, adding that fluctuations in demand were offsetting supply problems in Libya.
China’s purchasing managers’ index (PMI) hit a six-month low in August. Yesterday, the country reported a drop in new export orders in July for the first time in eight months, and new home prices rose in August at their slowest pace this year, Reuters added.