US crude futures dip on weak economic data from the world's largest energy consumer

02-Feb-16

Brent April crude futures dipped by almost 5% to US$34.2 a barrel, while U.S. West Texas Intermediate dipped by almost 6% at US$31.6. US crude futures dipped on weak economic data from China, the world's largest energy consumer, reversed a four-day rally from last week and an OPEC source undermined chances of an emergency meeting to stem the decline, as per cnbc.com. China's manufacturing sector contracted at the fastest pace since 2012 in January, adding to worries about demand from the world's second-biggest economy at a time when the market is already weighed down by a large supply overhang. China is the major consumer of oil outside of the U.S. Oil prices are expected to move lower every time China has an issue with their economy.