Oil dips amid US holiday, China data

Global oil prices slid on Monday in subdued deals before a public holiday in the United States and as dealers digested weak Chinese manufacturing data, analysts said. Losses were however capped by lingering unease over Russia-Ukraine tensions, analysts said. Brent North Sea crude for October dipped 15 cents to $103.04 per barrel in early afternoon London deals. US benchmark West Texas Intermediate for October delivery shed 31 cents to $95.65 a barrel. Floor trading in the United States is closed on Monday for the Labor Day holiday, and electronic transactions will be used to determine the settlement price. The National Bureau of Statistics said the official purchasing managers index came in at 51.1, down from 51.7 in July, and the first decline since slipping to 50.2 in February. The index tracks manufacturing activity in China's factories and workshops and is a closely watched indicator of the health of the economy. A reading above 50 indicates growth, while anything below points to contraction, according to skynews.com