Brent crude fell 51 cents to $92.18 a barrel today, its lowest level in 18 months, after weak factory data from China and the US Federal Bank stimulus plan dashed hopes for more aggressive steps to boost the economy.
The Federal Reserve failed to launch a third round of outright bond purchases and instead extended its current programme of selling short-term bonds and buying longer-dated ones until the year-end, reported Reuters.
Factory data in China contracted for the eighth consecutive month in June, according to the HSBC Flash Purchasing Managers Index.
Meanwhile, US crude fell by $1.09 cents to $80.36 a barrel over an unexpected rise in US crude stocks.
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