Brent and NYMEX descend in Asia on China PMI
On Friday, crude prices demonstrated a mild drop in Asia after a manufacturing survey from China with details of an OPEC curb on production yet to filter fully through and traders in the near term awaiting rig count data from America.
In New York, November delivery crude futures sank 0.31%, trading at $47.68 per barrel. In London, December delivery Brent futures dipped 0.44%, hitting $49.59.
Oilfield services provider Baker Hughes informed that the previous week the overall number of rigs drilling for crude in American rose by 2 to 418, thus marking the 12th growth for 13 weeks.
In Asia, the Caixin manufacturing PMI for September turned to be 50.1 just as expected.
The readings for the manufacturing PMI for the last three months seem to indicate that the Chinese economy has started stabilizing.
Overnight, crude prices retreated during North American session on Thursday, having surged by as much as 6% a day earlier, because the initial euphoria over a preliminary agreement on crude output faded amid doubts over how OPEC would make this come true.