The Globe and Mail reported that oil prices fell once again on Monday on the back of weak economic data from China. Waning hopes for action from OPEC amid the oil supply glut have also contributed to the fall.
As quoted in the publication:
China’s manufacturing sector contracted at the fastest pace since 2012 in January, adding to worries about demand from the world’s second-biggest economy at a time when the market is already weighed down by a large supply overhang.
“The weak China PMI (purchasing managers index) is driving down prices because China weighs on the entire commodities sector from the demand side of the equation,” said Carsten Fritsch, senior oil analyst at Commerzbank in Frankfurt.
Brent April crude futures were down $1.39, or 3.9 per cent, at $34.60 a barrel by 11:03 a.m. EST.
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