West TX Oil Below $47 on Weak China Data

U.S. crude futures slipped on Monday in Asian trading as unexpectedly slow Chinese factory growth in July raised demand concerns, while oil markets were also weighed down by OPEC’s record monthly output.

U.S. crude fell 29 cents to $46.83 a barrel as of 0005 GMT after settling down $1.40, or almost 3 percent, at $47.12 a barrel on the previous session.  Brent also lost 40 cents to $51.81 a barrel after it settled down $1.10, or 2 percent, at $52.21 a barrel.

Growth at China’s big manufacturing companies unexpectedly stalled in July as demand at home and abroad weakened, an official survey showed on Saturday, reinforcing views that the economy needs more stimulus as it faces fresh risks from a stock market slump.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.