Oil markets slipped today after factory activity in China in June fell, with export orders posting the biggest decline, while doubts remained about the EU’s debt package deal.

Brent crude dipped $1.17 to $96.63 a barrel while US crude also fell $1.20 to $83.76.

A European Union oil embargo on Iranian oil shipments should lend some support to prices, but analysts said the poor economic picture is likely to cap gains, reported Reuters.

French Finance Minister Pierre Moscovici said Sunday that the government would lower its growth forecasts for 2012 and 2013 given the worsening economic climate.

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