Oil markets fell today as China's factory purchasing managers' index dropped to an eight-month low in July, while investors await the outcome of the US Federal Reserve and European Central Bank meeting.
Brent crude dropped 51 cents to $104.41 a barrel and US crude fell 24 cents to $87.82 a barrel, reports Reuters.
Other major Asian exporters Japan, South Korea and Taiwan also reported worsening economic stress.
Meanwhile, in a bid to add more pressure, the US President Barack Obama announced new sanctions against foreign banks to help Iran sell its oil.
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