Arab Today, arab today oil market weighed down by weak data
Last Updated : GMT 02:18:28
Arab Today, arab today
Arab Today, arab today

Oil market weighed down by weak data

Arab Today, arab today

Arab Today, arab today Oil market weighed down by weak data

London - AFP

Global oil prices were downbeat on Tuesday after weak manufacturing data in the United States and China fuelled concerns about demand in the world's two biggest oil consumers. US benchmark West Texas Intermediate (WTI) for delivery in March edged up two cents to $96.45 a barrel. Brent North Sea crude for delivery in March fell 42 cents to $105.62 a barrel. The Institute for Supply Management (ISM) on Monday reported a sharp slowdown in US manufacturing activity in January. The ISM’s purchasing managers index (PMI) sank to 51.3 from 56.5 in December, with the new orders component almost stalling. Any figure above the 50 mark indicates expansion of manufacturing activity while anything below that signals contraction. In China, the government said on Saturday that the country's manufacturing activity slipped to a five-month low point in January, confirming a slowdown in the factory sector in the world's top energy consumer. Investors will also be keeping an eye on upcoming US jobs data for January, which is due out on Friday. The US Labor Department last month said the economy added just 74,000 jobs in December, well below the 197,000 expected by analysts.

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