Oil prices fall on negative economic data

Mubasher: Oil prices declined on Monday, hurt by negative economic data.

Activity in China's manufacturing sector contracted more than expected in January, missing market expectations and weaker than the previous month.

The Purchasing Managers' Index (PMI) stood at 49.4 in January, compared to the previous month's reading of 49.7.  

At 6:42GMT, crude oil dropped 1.44% to $32.88 a barrel, while Brent fell 1.64% or $0.59 to $35.20.

 

 

Mubasher Contribution Time: 01-Feb-2016 06:45 (GMT)