Oil slips on global manufacturing downturn, although OPEC cuts offer support [Reuters]
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Source: Reuters
Oil slips on global manufacturing downturn, although OPEC cuts offer support | Reuters 3 Min Read SINGAPORE (Reuters) - Oil prices fell on Friday after the United States followed most other major economies into a manufacturing downturn, although supply cuts by producer club OPEC kept declines in check. International Brent crude futures LCOc1 were down 39 cents, or 0.7 percent, at 0155 GMT at $55.56 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $46.93 per barrel, down 16 cents, or 0.3 percent. Data for December from the Institute for Supply Management (ISM) on Thursday showed the broadest U.S. slowdown in growth for more than a decade, as the trade conflict with China, falling equity prices and increasing uncertainty started to take a toll on the world’s biggest economy. Leading economies in Asia and Europe have already reported a fall in manufacturing activity. “Led by a sharp fall in the U.S. ISM and China’s PMI falling below 50, the global manufacturing
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