Oil prices fall amid weak manufacturing data from ChinaSeptember 3, 2012 - 14:21 AMT PanARMENIAN.Net - Oil prices fell Monday, Sept. 3 after weaker-than-expected manufacturing data from China intensified concerns about the global economy, AP reports. Benchmark oil for October delivery was down 17 cents at $96.30 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $1.85 to finish at $96.47 per barrel Friday in New York. Brent crude for October delivery was up 12 cents to $114.69 on the ICE Futures exchange in London. A report released Saturday by the state-authorized China Federation of Logistics and Purchasing said its purchasing managers' index, a measure of manufacturing activity, fell to 49.2 in August from July's 50.1. Numbers below 50 indicate activity is contracting. That was a nine-month low, according to analysts at Bank of America Merrill Lynch, who said in a market commentary that investors need to be prepared for worsening data about Chinese inflation, industrial production, retail sales and trade. Weak economic growth tends to lead to lower fuel consumption and energy prices often fall as a result. A second survey backed up the federation results. HSBC Corp. said Monday its purchasing managers' index for August fell to its lowest level in more than three years and showed manufacturing contracted for a tenth straight month. China's economic growth fell to a three-year low of 7.6 percent in the quarter ending in June, and corporate profits and other indicators have fallen despite government stimulus measures. In other energy futures trading, heating oil fell marginally to $3.18 a gallon while wholesale gasoline was unchanged at $2.97 a gallon. Natural gas fell 1 cent to $2.79 per 1,000 cubic feet. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Mirzoyan says meeting with Bayramov was “constructive” At the moment, Ararat Mirzoyan said, there is no basis for additional comments. OSCE vows support for Armenia “in all three directions of security” Achieving stable peace between Armenia and Azerbaijan remains a priority of the OSCE, said Ian Borg. 151 detained as civil disobedience campaigns continue in Yerevan Citizens have been blocking streets in the Armenian capital, demanding Nikol Pashinyan’s resignation. France welcomes Armenia-Azerbaijan meeting in Almaty France has welcomed the new round of negotiations between the foreign ministers of Armenia and Azerbaijan. |