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Oil drops on weaker US, China manufacturing data
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The price of oil dropped Monday after reports of weaker manufacturing activity in the US and China.
Benchmark oil for March delivery dropped US$1.06 to close at US$96.43 a barrel on the New York Mercantile Exchange. Brent crude, used to set prices for international varieties of crude, fell 36 cents to US$106.04 on the ICE exchange in London.
A Chinese index reported Saturday by a government-affiliated agency fell from 51 points in December to 50.5 in January, just above the 50 level that signifies expansion. Meanwhile, US manufacturing barely expanded last month as cold weather delayed shipments of raw materials and caused some factories to shut down, a trade group of purchasing managers said Monday. The group said its index of manufacturing activity fell to 51.3 in January from 56.5 in December.
Weaker manufacturing in the world's two biggest economies could reduce global demand for energy.
In other energy futures trading on Nymex:
—Wholesale gasoline was down 2 cents at US$2.61 a gallon
—Heating oil rose 1 cent to US$3.01 a gallon.
—Natural gas fell 4 cents to US$4.91 per 1,000 cubic feet.
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