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.


Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.