Oil prices see limited reaction in early trade
ecPulse
2014-09-01 08:09AM UTC
Crude oil futures saw a choppy trade Monday morning, with global benchmarks trading in a narrow price as markets weighed developments in Ukraine and manufacturing data from China and Europe. The sentiment in the oil markets is still subdued by the global events, with the West still saying Russian troops have entered Ukraine and with Russia still denying it. In China, factory output slowed during the month of August, with the country’s Manufacturing Purchasing Managers’ Index sliding below analysts` average forecast, adding to signs the world`s second-biggest oil consumer is weakening. As of 03:36 a.m. ET: - West Texas Intermediate for delivery in October fell 0.34% to $95.63 a barrel on the New York Mercantile Exchange - Brent for October delivery fell 0.25% to $102.93 a barrel on the ICE exchange in London Oil futures fell for the second straight month amid ample supplies and buoyant dollar, but analysts expect an uptick in prices this month. Earlier today, data from Markit showed that China’s Manufacturing PMI dropped to 51.1 in August, from 51.7 in previous reading, and down from analysts’ estimates of 51.2. Concerns of a slowdown also rose from the euro area ahead of the European Central Bank policy outcome this week. The manufacturing PMI manufacturing in the 18-nation currency bloc came in at 50.7 last month from 51.8 in July, lower than median forecasts of 50.8. On the geopolitical front, tensions continue to support oil prices, with the army of Kurdish Iraqi forces closing in on the fighters of the Islamic State on Saturday, in a bid to break the siege of the Sunni insurgency while the U.S. resumes airstrikes in Northern Iraq. Russian President Vladimir Putin called for talks about the "statehood" in the south and east of Ukraine, while his Ukrainian counterpart Petro Poroshenko said his country is ready for a full-scale war with Russia. On the other hand, Iranian President Hassan Rohani said on Saturday that the imposition of new sanctions on Tehran over its nuclear program is dangerous and could affect future negotiations with the U.S.
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