Oil dips as China factory activity shrinks; market eyes U.S. data

📆 31/08/2023 10:59:00
📰 globeandmail

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Brent crude futures for October, which expire on Thursday, dipped 9 cents, or 0.1%, at $85.77 per barrel by 0630 GMT. The more active November contract was down 10 cents, or 0.1%, at $85.14

China’s manufacturing activity again in August, an official factory survey showed on Thursday, fuelling concerns around weakness in the world’s second-biggest economy.

A tighter U.S. oil supply outlook supported prices in the previous session, but this was pitted against worries about demand, said Yeap Jun Rong, a market strategist at IG. Investors are eyeing inflation numbers as measured by the U.S. personal consumption expenditures, which will be released on Thursday. The PCE is the Federal Reserve’s preferred gauge of inflation.

Analysts expect Saudi Arabia to roll over a voluntary oil cut of 1 million barrels per day for a third consecutive month into October, adding to the cuts in place by OPEC+, the Organization of the Petroleum Exporting Countries and allies led by Russia.

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