oil falls on weak china data economic worry
Last Updated : GMT 03:19:55
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Oil falls on weak China data, economic worry

Arab Today, arab today

Arab Today, arab today Oil falls on weak China data, economic worry

New York - SPA

Oil fell on Friday, pressured by signs of slower growth in China and weaker U.S. consumer sentiment that offset a supportive report showing an improving manufacturing sector in the United States, according to Reuters. An intraday bounce by the dollar against the euro and the strength of the dollar index measuring the greenback against a basket of currencies also pressured dollar-denominated oil. \"Crude futures fell today on the soft factory data from China and the stronger dollar,\" said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. Brent futures for August fell $1.80 to $110.68 a barrel at 1:18 p.m. EDT (17:18 GMT), after falling as low as $109.50 intraday. U.S. crude fell 91 cents to $94.51 a barrel, having slipped as low as $93.45 earlier. China\'s factory sector grew at its slowest pace in 28 months in June as new orders expanded less quickly as weaker global demand and tight monetary policy at home pinched production. U.S. consumer sentiment worsened in June. While falling gasoline prices stabilized consumers\' view of their current economic conditions, longer-term expectations remained subdued, the Thomson Reuters/University of Michigan survey showed. The dollar got a boost and crude prices pared some losses intraday after data from the Institute for Supply Management showed the U.S. manufacturing sector expanded in June more than expected, sparking some optimism that the sputtering economy may be regaining some traction. Any signs of a slowdown in China add to investor nervousness because of recent indications of slowed U.S. economic growth and Europe\'s struggles with its sovereign debt crisis. Although the Greek parliament voted for an austerity package this week, there is skepticism about the government\'s ability to deliver on promised cuts. The U.S. Department of Energy listed the \"acceptable\" offers it had received for for 30 million barrels of crude it will release from the Strategic Petroleum Reserve (SPR) over the next month. The sale attracted more interested buyers than barrels offered and reinforced investors uncertainty about the impact of the new supply of crude and products that will enter the market as part of the International Energy Agency\'s coordinated release announced on June 23. Oil was not the only commodity feeling pressure. The 19 commodity Reuters-Jefferies CRB index fell, extending its weak trend from June and the second quarter.

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