Oil prices dipped today as China’s factory growth reached a five-month low, indicating that demand for oil from one of the world’s largest oil consumers would not rise immediately.

US crude fell 6¢ to stand at $92.13 a barrel, while Brent crude for March slid 45¢ to $100.56 a barrel at 04.35 GMT, reports Reuters.

Fiscal measures taken to check the rise in inflation caused China’s purchasing managers’ index to fall from 53.9 in December 2010 to 52.9 in January 2011.

The unrest in Egypt had a direct impact on Brent crude prices and caused it to touch an intraday high of $101.73 on Monday, the highest since October 2008.

OPEC said it has about six million barrels per day of idle production capacity, which it would tap to fill any shortage.

Following higher imports, US crude inventories rose 2.8 million barrels last week, while colder weather drew down distillate stockpiles by 1.2 million barrels.