Oil fell for the fourth consecutive day today on signs that China’s economic growth is slowing, while the dollar strengthened and Europe’s debt worries affected financial markets.
For August delivery, US crude fell 82¢ to stand at $74.81 by 02.54 GMT, while London Brent crude lost 74¢ to $74.27, according to Reuters.
China’s official purchasing managers index (PMI) fell to 52.1 in June from 53.9 in May, signalling slow economic growth.
Data from the Energy Information Administration revealed petrol stockpiles rose by 537,000 barrels last week, while crude stockpiles fell by two million barrels and distillates gained 2.5 million barrels.
Oilfields in the Gulf of Mexico were largely unaffected by Hurricane Alex, to the relief of crude markets.