Brent Down to $106 over China Concerns

Crude oil fell $1 on Monday under pressure from continued worries over emerging markets, weak factory data from China, and expectations for lower demand as U.S. refiners move into maintenance season.

Emerging market stocks and currencies fell, while data showed U.S. manufacturing slowed in January, pressuring global equity markets lower and weighing on oil prices.U.S. stocks fell on Monday, adding to recent losses after data showed the factory sector in the world’s largest economy expanded in January at its slowest pace in eight months.

After data showed U.S. manufacturing slowed sharply last month, Brent crude was down 30 cents to $106, having sunk to a near 3-month low of $105.40 earlier in the session. U.S. oil finished the session down $1.06 to settle at $96.43.

CNBC

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