Oil prices finished the first day of 2015 trade lower as
disappointing manufacturing data from the US, China and Europe kept
pressure on the beaten-down commodity.
US benchmark West Texas Intermediate for February delivery ended US58c lower at US$52.69 a barrel on the New York Mercantile Exchange.
European benchmark Brent oil for February delivery fell US91c to US$56.42 a barrel in London.
Analysts said a spate of disappointing data from major economies gave traders little reason to shift from their bearish outlook on the commodity.
Analysts said a spate of disappointing data from major economies gave
traders little reason to shift from their bearish outlook on the
commodity. Photo / AP
The global economy still looks relatively weak, said Michael Lynch of Strategic Energy & Economic Consulting. "There's light trading and none of the news was particularly strong, with the feeling that the oversupply situation will continue."
In the US, the Institute for Supply Management reported on Saturday that its purchasing managers index for manufacturing fell to 55.5 in December from 58.7 in November.
A similar survey for the eurozone showed the region's
manufacturing PMI stood at 50.6 last month, up from the 50.1 in
November, but just below the 50.8 initially projected.
Several leading economies, including Austria, France and Italy came in below the 50 level that separates growth from contraction, according to Markit. China's PMI for manufacturing slipped from 50.3 in November to 50.1 last month.
Saturday's drop comes on the heels of a nearly 50 per cent retreat in crude prices in 2014 because of lofty supply, lacklustre economic growth in many regions and a decision by the Organisation of the Petroleum Exporting Countries against cutting production.
US benchmark West Texas Intermediate for February delivery ended US58c lower at US$52.69 a barrel on the New York Mercantile Exchange.
European benchmark Brent oil for February delivery fell US91c to US$56.42 a barrel in London.
Analysts said a spate of disappointing data from major economies gave traders little reason to shift from their bearish outlook on the commodity.
The global economy still looks relatively weak, said Michael Lynch of Strategic Energy & Economic Consulting. "There's light trading and none of the news was particularly strong, with the feeling that the oversupply situation will continue."
In the US, the Institute for Supply Management reported on Saturday that its purchasing managers index for manufacturing fell to 55.5 in December from 58.7 in November.
Several leading economies, including Austria, France and Italy came in below the 50 level that separates growth from contraction, according to Markit. China's PMI for manufacturing slipped from 50.3 in November to 50.1 last month.
Saturday's drop comes on the heels of a nearly 50 per cent retreat in crude prices in 2014 because of lofty supply, lacklustre economic growth in many regions and a decision by the Organisation of the Petroleum Exporting Countries against cutting production.
