The Traderszone Network

Published in TZ Latest News 1 February, 2016 by The TZ Newswire Staff

U.S. oil falls on China economic woes, rising OPEC supply

The front month contract for West Texas Intermediate (WTI) (CLc1) was down 28 cents at $31.34 as 0010 GMT after falling $2, or 5.9 percent, in the previous session. Crude prices fell after China’s purchasing managers index dropped to a three-year low in January, coupled with rising oil supplies, ANZ said in a note on Tuesday. Output from OPEC rose to 33.1 million barrels per day last month as Indonesia’s membership to the group was reactivated,” the note added.