Weak manufacturing data in China adds to concerns :Oil dips

02-Apr-14

China's official purchasing managers index (PMI) for the manufacturing sector crept up to 50.3 in March, from an eight-month low of 50.2 in February, narrowly above the 50 level that signals expansion. The reading was slightly better than expected but still continued to point to weakness, suggesting China's economy grew in the first quarter below the government's annual growth target of 7.5%. Weak manufacturing data in China added to concerns about slow growth, triggering a dip in oil prices. West Texas Intermediate for delivery in May settled at US$99.74 a barrel falling by close to two dollars. Brent North Sea crude for May plunged by over two dollars to US$105.6 a barrel in London trade.