WASHINGTON (dpa-AFX) - Oil futures settled flat on Monday despite supply concerns amid escalating tensions in the Middle East, as uncertainty about the outlook for oil demand from China weighed on prices.
West Texas Intermediate Crude oil futures for November ended down $0.01 at $68.17 a barrel, coming off the day's high of $69.32 a barrel.
Accoring to reports, Israeli military carried out an air raid on target in the heart of Lebanon's capital for first time in years.
It is feared that Israel's increased attacks against Hezbollah in Lebanon and Houthi in Yemen may bring the region one step closer to a much wider conflict involving Iran and the United States.
In Chinese economic news, the manufacturing sector in China fell into contraction territory in September, the latest survey from Caixin revealed on Monday with a manufacturing PMI score of 49.3.
That's down from 50.4 in August, and it slips beneath the boom-or-bust line of 50 that separates expansion from contraction.
Incoming new orders for Chinese manufactured goods declined at the fastest pace since September 2022, attributed to falling underlying demand, heightening competition and subdued market conditions, according to panelists. This included export orders, with softening economic conditions abroad negatively affecting foreign demand. Firms in the investment goods sector recorded the fastest fall in overall new work.
The survey also showed that the services PMI came in at 50.3, down from 51.6 in August.
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