The price of oil fell Monday as traders concerned about global energy demand took profits ahead of economic data from China and the United States.
The price of oil fell Monday as traders concerned about global energy demand took profits ahead of economic data from China and the United States.
Global oil prices closed little changed on Thursday, recovering from sharper losses earlier in the day after weak Chinese manufacturing data.
The price of oil fell below $93 per barrel Thursday after a survey showed manufacturing activity in China falling to its lowest level in seven months, a sign that the recovery in the world’s No. 2 economy is fading.
The price of oil retreated toward $96 per barrel Tuesday as investors waited for the Federal Reserve’s latest views on the U.S. economy.
Oil rebounded in Asian trade Tuesday on bargain-hunting following an overnight decline, but analysts said economic worries in energy guzzlers US and China would continue to weigh on sentiment.
Crude prices were lower in Asian trade on Monday, after OPEC raised its oil output and maintained a flat forecast of global demand, analysts said.
The price of oil fell below $96 per barrel on Friday after signs of improvement in US employment sparked speculation that the Federal Reserve might scale back its aggressive monetary policy.
Oil rebounded in Asian trade on Thursday on bargain hunting following a recent sharp fall, but analysts said prices would continue to be weighed down by signs of weaker demand.
Oil prices eased in Asia on Friday as traders cashed in on recent gains following signs of strengthening US energy demand and concerns over tensions in Syria, analysts said.
Oil prices rose in Asia on Thursday, buoyed by a lower-than-expected gain in US crude stockpiles and hopes of an interest rate cut by the European Central Bank (ECB), analysts said.