Manufacturing slippage in the world's second-largest consumer tugged down Brent crude oil futures on Thursday as the energy commodity marked a third-straight trading session of losses, Bloomberg reports.
The Purchasing Managers Index in China fell to 49.6 this month, representing the lowest level since October of last year. Also impacting the performance of the energy commodity on Thursday was the Wednesday testimony of U.S. Federal Reserve Chairman Ben Bernanke who told congress that the institution he leads is considering a reduction of the economy-spurring monetary stimulus program.
"The China statistics paint a slightly weaker picture of the demand side," chief commodity analyst Bjarne Schieldrop with SEB AB in Oslo told the news source on Thursday. "We are in the seasonally softest part of the year for demand."
At 10:27 a.m. on Thursday, Brent crude oil futures fell 1.19 percent, a $1.22 loss to $101.38 per barrel. At 10:26 a.m., West Texas Intermediate crude oil futures slipped 1.21 percent, a $1.14 loss to $93.14 per barrel.
Dow Jones Newswires reports the factory production slippage in the Asian nation dropped to its lowest level in seven months.
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