Crude oil
prices fell smartly on Monday in early Asia as China's manufacturing
showed a slump in two separate reports for the world's No. 2 crude
importer.
In China, the HSBC January manufacturing PMI us came in at 49.7, lower than the flash estimate of 49.8.
"Both new orders and new-export orders saw downward revisions but still signaled marginal expansion," said Hongbin Qu, chief economist, China and joint head of Asian economic research at HSBC. "We think demand in the manufacturing sector remains weak and more aggressive monetary and fiscal easing measures will be needed to prevent another sharp slowdown in growth."
At the weekend, China said January CFLP manufacturing PMI fell to 49.8 from 50.1 in December, placing it in contraction even as the timing of the Chinese New Year holiday this year relative to last should have boosted the January reading.
On the New York Mercantile Exchange, U.S. crude oil for delivery in March fell 2.99% to $46.80 a barrel.
Last week, crude oil futures rallied over 1% on Friday, on the back of a weaker dollar but the commodity still remained within close distance of a nearly six-year low as ongoing concerns over a glut in global supplies continued to weigh.
Read more Click here / www.trade4x.net
In China, the HSBC January manufacturing PMI us came in at 49.7, lower than the flash estimate of 49.8.
"Both new orders and new-export orders saw downward revisions but still signaled marginal expansion," said Hongbin Qu, chief economist, China and joint head of Asian economic research at HSBC. "We think demand in the manufacturing sector remains weak and more aggressive monetary and fiscal easing measures will be needed to prevent another sharp slowdown in growth."
At the weekend, China said January CFLP manufacturing PMI fell to 49.8 from 50.1 in December, placing it in contraction even as the timing of the Chinese New Year holiday this year relative to last should have boosted the January reading.
On the New York Mercantile Exchange, U.S. crude oil for delivery in March fell 2.99% to $46.80 a barrel.
Last week, crude oil futures rallied over 1% on Friday, on the back of a weaker dollar but the commodity still remained within close distance of a nearly six-year low as ongoing concerns over a glut in global supplies continued to weigh.
Read more Click here / www.trade4x.net
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