Oil Falls for Third Straight Day on China Manufacturing, Europe Concern |
| Bloomberg - Jan 20, 2012 |
Oil declined for a third day as Chinese manufacturing contracted and negotiations to resolve Greece’s debt crisis entered a third day, fanning concern that Europe’s economy will slow.
Oil fell as the preliminary January reading of a Chinese purchasing managers’ index showed the country’s manufacturing declined for a third month. The euro weakened as talks in Athens on debt swaps resumed. Prices extended losses after sales of previously owned U.S. homes grew less than expected.
“We are reacting to the Chinese manufacturing index, which is weak,” said Phil Flynn, an analyst with PFGBest in Chicago. “The market is still worried about Greece and Europe. Oil demand is not coming back yet.”
Crude for February delivery dropped $1.79, or 1.8 percent, to $98.60 a barrel at 1:23 p.m. on the New York Mercantile Exchange. The contract expires today. The more active March contract declined $1.62 to $98.92.
Read Full Article from Bloomberg
- Posted: 2012-01-20 12:55:09
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