WASHINGTON (dpa-AFX) - Oil futures settled lower on Thursday as concerns about the outlook for oil demand from China, and disappointing U.S. and European economic data outweighed recent data showing a drop in U.S. crude inventories and rising tensions in the Middle East.
West Texas Intermediate Crude oil futures for September ended down $1.60 or about 2.05% at $76.31 a barrel
Brent crude futures dropped to $79.52 a barrel, down $1.32 or about 1.63%.
The Institute for Supply Management released a report showing U.S. manufacturing activity unexpectedly contracted at an accelerated rate in the month of July.
The ISM said its manufacturing PMI fell to 46.8 in July from 48.5 in June, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 48.8. With the bigger than expected decrease, the manufacturing PMI dropped to its lowest level since hitting 46.6 in November 2023.
The Labor Department's data showed initial jobless claims climbed to 249,000 in the week ended July 27th, an increase of 14,000 from the previous week's unrevised level of 235,000. Economists had expected jobless claims to inch up to 236,000.
The eurozone manufacturing sector remained in contraction territory in July, according to a survey released today.
HCOB's final manufacturing PMI came in unchanged from June at 45.8, a tad higher than the preliminary estimate of 45.6.
Separate data from Eurostat showed the euro area unemployment rate rose slightly in June. The unemployment rate posted 6.5% in June, up from 6.4% in May. The rate was unchanged from June 2023.
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