AFP, Singapore :
Oil prices extended losses in Asia Wednesday as dealers digested weak US and Chinese manufacturing data, while expectations of a bearish US stockpiles report also weighed, analysts said.
US benchmark West Texas Intermediate (WTI) for October delivery fell $1.14 to $44.27 while Brent crude for October sank 91 cents to $48.65 in late-morning trade.
WTI sank $3.79 and Brent lost $4.59 on Tuesday after China and the United States, the world’s top two crude consumers, posted weak factory activity data.
Beijing’s official Purchasing Managers index (PMI) for the manufacturing sector slumped to a three-year low of 49.7 in August from 50.0 in July. A reading below 50 indicates contraction.
Oil prices extended losses in Asia Wednesday as dealers digested weak US and Chinese manufacturing data, while expectations of a bearish US stockpiles report also weighed, analysts said.
US benchmark West Texas Intermediate (WTI) for October delivery fell $1.14 to $44.27 while Brent crude for October sank 91 cents to $48.65 in late-morning trade.
WTI sank $3.79 and Brent lost $4.59 on Tuesday after China and the United States, the world’s top two crude consumers, posted weak factory activity data.
Beijing’s official Purchasing Managers index (PMI) for the manufacturing sector slumped to a three-year low of 49.7 in August from 50.0 in July. A reading below 50 indicates contraction.
