Oil Prices Fall On Demand Worries - ConsultFX

Oil Prices Fall On Demand Worries

Oil prices resumed declines on Friday amid worries about falling demand after China reported its weakest factory growth in more than two years.

Global benchmark Brent crude dropped 0.88 percent to $59.38 per barrel while U.S. West Texas Intermediate (WTI) crude futures were down 1.46 percent at $50.70 per barrel.

China's manufacturing PMI stood at 50.0 in November, missing expectations for a score of 50.2, which would have been unchanged from the October reading.

The non-manufacturing PMI came in with a score of 53.4 - also shy of expectations for 53.8 and down from 53.9 in the previous month, adding to signs of slowing growth in the world's second-largest economy.

Amid deep divisions between the U.S. and China over international trade, analysts expect little progress on trade on the sidelines of the G20 summit in Argentina this weekend.

U.S. President Donald Trump told reporters on Thursday that he was close to doing something on trade with China but is not sure if he wanted to do it.

Traders also await the outcome of OPEC meeting in Vienna next week amid expectations that OPEC and Russia would agree some form of production cuts in view of an emerging supply glut.


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