Oil Prices Dip on Slow Chinese Manufacturing

30 June 2011 (Last Updated June 30th, 2011 18:30)

Oil prices fell today as manufacturing in China hit a 28-month low, raising concerns about decreasing oil demand from the country. US crude fell by 60¢ to stand $94.82 a barrel, while ICE Brent crude fell 81¢ to $111.67 a barrel. China's factory output in June grew

Oil prices fell today as manufacturing in China hit a 28-month low, raising concerns about decreasing oil demand from the country.

US crude fell by 60¢ to stand $94.82 a barrel, while ICE Brent crude fell 81¢ to $111.67 a barrel.

China’s factory output in June grew at its lowest pace in 28 months, indicating that the country has been affected by tightening monetary policies and slack global demand, reports Reuters.