Oil prices fell on lower business activity in China

Moscow. February 1. Oil prices lower on Monday after the indices of purchasing managers showed a new decrease in activity in the manufacturing industry of the PRC.

Quotations of March futures on the mark Brent on London’s ICE Futures exchange at 7:55 Moscow time fell by 1.7% to $35,39 per barrel, according to data by Bloomberg.

Prices for WTI contracts for March delivery on the new York Mercantile exchange (NYMEX) by this time declined by 1.5% to $33,13 per barrel.

January oil fell in price by 9%.

Growth of oil quotations on Friday was caused by reports that Russia and OPEC members may begin negotiations on reducing oil production to stabilize prices in the market. In addition, a positive impact on investor sentiment has had a measure of the Bank of Japan.

However, as it became known on Monday, the official purchasing managers index (PMI) for the processing industry of China in January fell to 49.4 points from December’s 49.7 per item. Analysts polled by The Wall Street Journal had expected a smaller decline to 49.6.