Crude oil futures lost value on Thursday amid economic data indicating manufacturing has fallen in Europe, China and Canada, according to published reports.
Bloomberg reports the energy commodity was down 2.6 percent amid dropping figures for services and output in Europe, which were more than projected. Industrial activity in China also was falling, a preliminary measure indicated.
"The manufacturing picture in China and Europe isn't supportive for oil demand or prices," market research director Addison Armstrong with Tradition Energy in Connecticut told Bloomberg. "Unless there is some unforeseen political event, prices are probably heading lower."
At 12:46 p.m. on Thursday, crude oil futures fell 1.22 percent, a $1.51 drop to $122.69 per barrel.
The Canadian dollar also lost value on Thursday as the loonie slipped below parity with its southerly rival, according to the Canadian Press. Crude oil is the top commodity of Canada, whose commerce and trade is based on the export of its natural
resources.
The loonie falling lower than parity with the Canadian dollar marks the first time that is happening since March 6 of this year.
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