FXStreet (Mumbai) – Brent oil prices recovered losses seen in Asia, but the gains remain muted on concerns that demand from China could to stay low.
The oil futures currently trade 7 cents or 0.14% higher around USD 49.53/barrel. Prices hit a low of USD 49.31 immediately after the Caixin China manufacturing purchasing managers’ index, a gauge of nationwide manufacturing activity, printed below 50.00 for eighth straight month. However, the actual figure of 48.3 in October was better than expected, which may have helped prices recover slightly.
Meanwhile, the moderate weakness in the USD index also helped oil prices take back losses. Across the pond, the WTI futures are down 24 cents or 0.52% at USD 46.35/barrel.
(Market News Provided by FXstreet)