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MTECHTIPS;-Oil prices fall as China's economic outlook still weak

Monday, September 30, 2019 6:28

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MTECHTIPS;-Oil prices fall as China’s economic outlook still weak

MTECHTIPS-Oil prices slipped on Monday as China’s economic outlook remained weak even as manufacturing data improved as an ongoing trade war with the United States weighs on demand growth at the world’s largest crude importer. Brent crude (LCOc1) futures fell 20 cents to $61.71 a barrel by 0632 GMT while U.S. West Texas Intermediate (WTI) crude (CLc1) futures edged down 3 cents to $55.88 a barrel. The official Purchasing Managers’ Index (PMI) rose to 49.8 in September, slightly better than expected and advancing from 49.5 in August. But it remained below the 50-point mark that separates expansion from contraction on a monthly basis, data from the National Bureau of Statistics (NBS) showed. The PMI data “remained in the contraction territory for the 5th month in a row, indicating that economic fundamentals were still weak,” Citi analysts said in a note. “The (Chinese) government will certainly step up fiscal and monetary efforts to boost domestic demand, which we believe can help stabilize,probably not accelerate, economic growth

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