West TX Oil Drops Below $92 with China PMI Eyed

U.S. crude futures dropped to a 1-1/2-week low on Tuesday on concerns over ample supplies and slowing economic growth in China, the world’s No. 2 oil consumer.

Investors are eyeing a preliminary reading of China’s vast manufacturing sector after recent signs pointed to a slowdown. China’s Finance Minister Lou Jiwei said on Sunday that the government will not dramatically alter its economic policy because of any one economic indicator.

Front-month U.S. crude was little changed at $90.90 a barrel by 0039 GMT after slipping to $90.58 earlier, its weakest since Sept. 11.  Brent crude for November delivery was off 7 cents at $96.90 per barrel, after falling by more than a dollar on Monday.

CNBC

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