【212 w 91st street new york】Oil Prices Fall; Saudi Arabia May Cut Prices of Heavy Crude Sold to Asia
Investing.com - Oil prices fell on Thursday in Asia as investor sentiment continued to be affected by the slowdown in China and turmoil in stock and currency markets.
U.S. West Texas Intermediate Crude Oil WTI Futures dropped by 2.1% to $45.56 by 12:20 AM ET (05:20 GMT).
International Brent Oil Futures were down 1.2% at $54.26 a barrel.
Asian equities markets traded mostly lower,212 w 91st street new york with Apple Inc. (NASDAQ:AAPL)’s suppliers underperforming after the technology giant cut its sales forecast, citing economic deceleration in China. The U.S. dollar fell as much as 3% against the yen overnight following the news.
Weaker-than-expected data out of China this week is also “making investors nervous,” analysts said.
“The start of the year doesn't feel as firm, the future doesn't feel as certain and optimistic, and the path forward does not seem as clear,” Jefferies said in a 2019 opening note.
"Markets are extremely volatile and virtually impossible to anticipate or navigate,” the U.S. bank added.
On Wednesday, China reported that the
Caixin Manufacturing PMI
fell to 49.7 in December from 50.2 last month, marking the first contraction since May 2017.
A reading below 50 signals contraction.
The reading confirmed a trend seen in the official PMI that was reported on Monday, which showed a drop to 49.4 in December.
In other news, citing a survey, Reuters reported on Thursday that top oil exporter Saudi Arabia may cut February prices for heavier crude grades sold to Asia.
Four oil refiners participated in the survey.
The refiners said the official selling prices (OSPs) for Arab Medium and Arab Heavy crude grades are expected to fall by up to 50 cents a barrel in February from the previous month.
"Arab Heavy was too expensive in the past few months," said one of the respondents.
An expected drop in Asia's crude demand may also prompt Saudi Arabia to cut prices in February, they added.
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