News Formal

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

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 92%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Norway’s latest oil and gas exploration round attracts bids from 25 companiesNorway’s annual award of new offshore acreage for drilling is central to the country’s strategy of extending oil and gas production for decades to come, a policy that is fiercely opposed by environmental groups
Source: globeandmail - 🏆 5. / 92 Read more »