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.