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MTECHTIPS;-Brent, NYMEX down in Asia after Caixin China PMI, U.S. rig data ahead

Friday, September 30, 2016 0:41
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MTECHTIPS;-Brent, NYMEX down in Asia after Caixin China PMI, U.S. rig data ahead

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MTECHTIPS- Crude prices showed a mild fall in Asia on Friday after a manufacturing survey from China with details of an OPEC curb on output yet to filter fully through and investors in the near term awaiting rig count data in the U.S. Crude oil for November delivery on the New York Mercantile Exchange fell 0.31% to $47.68 a barrel. Brent oil for December delivery on the ICE Futures Exchange in London eased 0.44% to $49.59. Oilfield services provider Baker Hughes said last week that the number of rigs drilling for oil in the U.S. last week rose by 2 to 418, marking the 12th increase in 13 weeks. In Asia, the Caixin manufacturing PMI for September came in at 50.1 as expected with holidays in China next week in focus going forward. “The readings for the manufacturing PMI over the past three months seem to indicate that the economy has begun to stabilise,” Shenzhen Zhang, director of macroeconomic analysis at Caixin said. But Zhang cautioned that an increasingly strained fiscal budget could pose a risk to sustainable growth. “Given that the growth rate of fiscal income has slowed recently while expenditures have swung, there is insufficient momentum to drive future economic growth, and there is a risk that industrial output may decline.”

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