NEW YORK: Brent crude oil futures fell in choppy trading yesterday on weak Chinese economic data that pushed the expiring October Brent contract to a 26-month low, while US crude rose after bouncing off a technical supportlevel near to a 16-month low reached last week.
Oil prices fell early on data showing China’s factory output grew at the weakest pace in nearly six years in August, while growth in other key sectors also cooled, raising fears the world’s second-largest economy may be at risk of a sharp slowdown.
October Brent, set to expire yesterday, was down 16 cents at $96.95 a barrel by 1754 GMT.
Brent recovered after falling to $96.21, its weakest level since July 2, 2012. November Brent gained 6 cents a barrel to $98.02, putting its deficit to October at more than a dollar.
US October crude rose by 32 cents to $92.59 a barrel after falling to $90.63, near a 16-month low of $90.43 hit last week. “Today’s low is $90.63, so we’re running into significant technical support here,” said Stephen Schork, editor of The Schork Report in Pennsylvania. Reuters
