Oil fell below $88 a barrel Wednesday in Asia as China’s manufacturing stayed weak and hopes dimmed the Federal Reserve will announce a further loosening of monetary policy to boost the flagging U.S. economy.
Benchmark crude for September delivery was down 15 cents at $87.91 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract lost $1.72 to settle at $88.06 in New York on Tuesday.
Brent crude was down 38 cents at $104.54 on the ICE futures exchange in London.
Data from China, the world’s No. 2 crude consumer, showed that manufacturing slowed in July as government efforts to boost the economy couldn’t completely offset weak overseas demand for exports.
via ABC News
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