On Monday crude oil resumed the previous week’s losses on easing concerns over Syria’s conflict, which allayed worries over a potential crude supply disruption from the Middle East. Losses, however, seem to be limited as manufacturing in China expanded the most since March.
The preliminary September reading of China’s Purchasing Managers’ Index came at 51.2, beating estimates of 50.9. China accounted for about 11% of global oil consumption last year, compared with 14% for the European Union and 21% for the US.
- Crude is trading around $104.64 a barrel after falling $0.11
- Brent is trading around $109.20 a barrel after falling $0.01
On September 20th Syria presented an initial inventory report of its chemical weapons, while Russia rejected a US and European plan to include the threat of force in a United Nations Security Council agreement on disarming Syria’s chemical weapons.
In Libya, oil production climbed to more than 600,000 barrels a day and all fields in the west of the country are producing, said the deputy head of the parliament’s energy committee, Sliman Qajam, in an interview yesterday.
- Natural gas is trading at $3.669 per cubic feet after falling 0.49%
- Gasoline is trading at $2.682 per cubic feet after falling 0.08%
- Heating oil (diesel) is trading at $3.0045 a gallon after rising 0.1%