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Oil prices drop before US inventory data
Oil prices slipped on Wednesday on weak energy demand concerns as traders looked ahead to the release of US crude inventory data, analysts said.
Brent North Sea crude for delivery in November fell 98 cents to stand at $110.59 a barrel in London midday deals.
New York’s main contract, light sweet crude for November, dropped 62 cents to $91.27 a barrel.
“The oil market has been under pressure for the fourth consecutive day with Brent oil retesting the $110 per barrel level, amid persistent concerns about a global economic slowdown that currently limits risk appetite,” said Sucden Financial Research analyst Myrto Sokou.
“Today, the main focus will switch to the release of the weekly... oil inventories report that could provide a better insight about the levels of the US oil demand,” she added.
In Europe, data on Wednesday showed eurozone private sector business activity remained firmly stuck in the doldrums in September, with the key services sector suffering a very sharp fall.
The closely-watched Composite Purchasing Managers Index (PMI), a survey of 5,000 eurozone businesses compiled by Markit research firm, came in at 46.1 for September, up from an initial reading of 45.9 but down from 46.3 in August.
Any reading below 50 indicates a contraction in activity, with the latest figures in negative territory for an eighth month.
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