Oil prices slipped today due to investors concern about the gloomy outlook for growth in the world’s two largest oil consumers, the US and China.

Brent crude plunged by 41 cents to $102.75 a barrel, while US oil dropped by 27 cents to $92.73 a barrel, reported Reuters.

Data released on Friday showed that the US expanded at a slower pace in the first quarter, which shadowed the outlook further, putting pressure on oil, base metals and the dollar.

In the US, the Federal Reserve System is anticipated to keep its existing pace of bond buying at $85bn a month, considering the recent release of weak numbers and a bleak outlook.

The Institute of Supply Management’s manufacturing survey in April is predicted to fall to 51.0, from 51.3 in March.

The US economy is expected to have generated 150,000 jobs in April, a rise of just 88,000 in March; however, not enough to reduce the jobless rate from 7.6%.

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By GlobalData

A survey conducted by Reuters has found that traders will now focus on China this week, as the manufacturing data for April is expected to rise from March.

In another survey, Reuters has said that the European Central Bank (ECB) is anticipated to reduce interest rates when it meets on Thursday.

Image: Data showed that the US expanded at a slower pace in the first quarter. Photo courtesy of freedigitalphotos / Victor Habbick.