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Oil slips over Chinese manufacturing data

1 June 2012

Oil markets fell today because of weak manufacturing activity data in May from the world's second biggest oil consumer, further impacting global oil demand and causing a downgrade of Asian equities and the euro.

China's official Purchasing Managers' Index eased to 50.4 in May, the weakest reading this year, reported Reuters.

Brent crude slipped 17 cents to $101.70 a barrel and US oil fell 28 cents to $86.25 a barrel.

The data from China comes ahead of the US employment report, which is expected to show nonfarm payrolls increased 150,000 in May from 115,000 in April.