Friday saw oil futures drop in price as manufacturing growth fell in the U.S., China and the euro zone, according to published reports.
Though the energy commodity was enjoying its largest weekly gain in nearly three months, Bloomberg reports the demand for fuel in the U.S. and China – the two top users of energy – is faltering. The euro zone also had a slowdown in manufacturing, according to Dow Jones Newswires.
"Together with the direct impact of high oil prices, the slowdown in economic activity is having a strong impact on oil demand," according to a Friday note from London-based oil analyst Christophe Barret of Credit Agricole.
At 11:27 a.m. on Friday, crude oil futures dropped 1.95 percent, a $2.19 slip to $110.29 per barrel.
The purchasing managers index in Europe dropped last month to an 18-month low, sinking from 54.6 in May to 52 in June.
This weekend is a three-day holiday in the United States for Independence Day so markets will not reopen until Tuesday.
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