Oil slips on China Covid curbs, weak factory activity data
Oil prices fell on Monday following weaker-than-expected factory activity data out of China and on concerns its widening Covid-19 curbs will curtail demand.
Brent crude futures dropped 63 cents, or 0.7 per cent, to $95.14 a barrel, after slipping 1.2 per cent on Friday.
US West Texas Intermediate (WTI) crude was at $87.43 a barrel, down 47 cents, or 0.5 per cent, after settling down 1.3 per cent on Friday.
“The purchasing managers’ index (PMI) data contracting adds to the post-China congress party blues for oil markets. It is not difficult to draw a straight line from weaker PMIs to China’s Covid-zero policy,” said Stephen Innes, managing partner of SPI Asset Management.
