Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

NYMEX crude drops in early Asia as market awaits China PMIs

Published 11/30/2014, 06:14 PM
Updated 11/30/2014, 06:15 PM
NYMEX crude weaker in Asia

Investing.com - Crude oil prices dropped in early Asia on Monday ahead of key China PMI data.

On the New York Mercantile Exchange, crude oil for January delivery traded at $66.51 a barrel, down 0.83%.

China is to release official data on manufacturing activity in November that came in at 50.8 in October as well as the HSBC manufacturing index expected at 50.0.

Elsewhere, on the ICE Futures Exchange in London, Brent for January delivery dropped $2.43, or 3.35%, on Friday to settle at $70.15 a barrel by close of trade.

Last week, oil futures plunged to levels not seen in more than four years on Friday, after the Organization of the Petroleum Exporting Countries decided not to cut output at the conclusion of its highly-anticipated meeting.

The 12-member group is responsible for approximately 40% of global supply. Their next meeting is scheduled for June 5, 2015.

Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.

In the week ahead, the U.S. is to release the U.S. jobs report for November on Friday as market players attempt to gauge the strength of the world's biggest economy and its impact on the Federal Reserve's monetary policy.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.