The Traderszone Network

Published in TZ Latest News 22 June, 2015 by The TZ Newswire Staff

Oil prices fall on oversupply concerns, weak economic data

Oil prices fell on Tuesday on worries over a global glut, while surveys showing a contraction in manufacturing activity in China and Japan also dragged on market sentiment. Brent crude was down 22 cents at $63.12 a barrel as of 0500 GMT (0100 EDT), after closing the previous session up 32 cents. “I think the Japan and China PMI figures are weighing on the market,” said Jonathan Barratt, chief investment officer at Sydney’s Ayers Alliance.