Crude weakens further on weak China, eurozone economic data

03 October 2012 14:37  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures extended losses on Wednesday, pressured by downbeat economic data from China and the eurozone.

By 12:50 GMT, the front-month November ICE Brent contract had touched an intra-day low at $109.25/bbl, a loss of $2.32/bbl, from the settlement on Tuesday. The contract then recuperated some of its losses to trade around $109.65/bbl.

At the same time, the front-month November NYMEX WTI contract was trading around $90.55/bbl, having touched an intra-day low at $90.31/bbl, a loss of $1.58/bbl.

China’s purchasing managers index (PMI) for the service sector weakened in September to 53.70 from 56.30 in the previous month suggesting the country's demand for oil could weaken.

In the eurozone, data showed the market eurozone composite (PMI) edged lower in September to 46.10, from 46.30 in August.

By: Kawai Wong
+44 20 8652 3214

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