NEW YORK, Aug 4 — Oil prices dived yesterday, with Brent crude tumbling about five percent, after new data showed weakening US and Chinese manufacturing and amid worries about the global supply glut.
US benchmark West Texas Intermediate plummeted 4.1 per cent for September delivery, shedding US$1.95 (RM7.521) to close at US$45.17 a barrel on the New York Mercantile Exchange.
Brent North Sea crude for September finished at $49.52 a barrel, down US$2.69 (5.2 per cent) from Friday’s settlement on the Intercontinental Exchange in London.
The rout on the oil market extended Friday’s sharp losses, of more than two percent, after OPEC said it would not cut production in the face of falling prices. — AFP
