Oil prices retreated today, affected by a rise in the US dollar as weak data from China increased investor fears over hopes of an economic recovery in the country.
Brent’s August futures declined $1.11 to $72.6 a barrel. Texas crude declined $1.37 to end at $68.09 a barrel. They both reached their lowest closing in several weeks.
Data showed a contraction in China’s industrial PMI to 48.8 in May, compared to 49.2 in April, missing expectations of an improvement to 49.4. A reading above 50 reflects an expansion in manufacturing. While a reading below 50 reflects contraction in manufacturing activity.
Source: Qatar News Agency