NYMEX crude weaker in early Asia ahead of China PMI
Published Aug 02, 2015 06:35PM ET
NYMEX crude weaker ahead of China PMI
Investing.com - Crude oil prices fell in early Asia on Monday as investors looked ahead to a key manufacturing gauge in China for demand cues.
Get The News You Want
On the New York Mercantile Exchange oil futures for September dipped 0.27% to $46.98 a barrel.
Get The News You Want
Ahead are manufacturing PMIs from Japan, seen at 51.4 in July, and China - with the Caixin/Markit China final for July seen at 48.3 in the flash estimate.
Get The News You Want
Get The News You Want
Get The News You Want
China is the world's second largest energy user.
Get The News You Want
Last week, crude oil futures fell sharply on Friday to cap the worst monthly performance since the 2008 global financial crisis as ongoing concerns over a glut in world markets continued to drive down prices.
Get The News You Want
On the ICE Futures Exchange in London, Brent for September delivery fell to a session low of $51.63 a barrel, a level not seen since January 30, before closing at $52.21, down $1.10, or 2.06%, for the day.
Get The News You Want
For the week, London-traded Brent futures lost $2.24, or 4.41%, the fifth straight weekly decline. Prices tumbled $11.39, or 18.6%, in July, amid concerns a resumption of Iranian oil exports will add to a global glut.
Get The News You Want
Iran and six world powers reached a long-awaited nuclear deal in July that would end sanctions on Tehran in exchange for curbs on the country's disputed nuclear program. Iran reportedly hoards 30 million barrels of oil in its reserves ready for export.
Get The News You Want
Reports of record high oil exports from Iraq and robust production from Saudi Arabia also contributed to losses.
Get The News You Want
Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production.
Get The News You Want
Elsewhere, U.S. oil futures fell to the lowest level in more than four months on Friday, after data showed that rigs drilling for oil in the U.S. rose last week, underlining concerns over robust domestic production.
Get The News You Want
Industry research group Baker Hughes (NYSE:NYSE:BHI) said late Friday that the number of rigs drilling for oil in the U.S. increased by five last week to 664, the second straight weekly gain.
Get The News You Want
Concerns over the health of China's economy, a broadly stronger U.S. dollar and prospects of higher interest rates in the U.S. later this year also weighed.
Get The News You Want
In the week ahead, investors will be focusing on Friday's non-farm payrolls report for July, for fresh indications on the strength of the economy and the timing of a U.S. rate increase.
Get The News You Want
On Monday, The U.K. is to publish its manufacturing index.
Get The News You Want
The U.S. is to release data on personal income and expenditure, while the Institute of Supply Management is to release data on manufacturing activity.
Get The News You Want
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.