West Texas Intermediate crude fell amid speculation that weakening manufacturing from Germany to China will cap global oil demand. Brent was steady in London.
Futures dropped as much as 0.5 percent from the Aug. 29 close. Floor trading in New York was shut for the Labor Day holiday and transactions will be booked for settlement purposes today. Purchasing manufacturing indexes for Germany, Italy, the U.K. and China all came in below estimates for August, while OPEC’s output increased to the highest level in a year.
“There are slowdowns occurring,” Jonathan Barratt, the chief investment officer at Ayers Alliance Securities in Sydney, said by phone today. “OPEC is producing enough oil to placate any issues, or potential issue that may arise.”
Bloomberg
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