World oil prices mixed
Wednesday, 24 September 2014
Oil prices were mixed following better-than-expected Chinese manufacturing data but a poor showing in a key measure of eurozone activity. In New York, US benchmark West Texas Intermediate for November delivery pushed up 69 cents to close at $91.56 a barrel. Meanwhile Brent North Sea crude for November lost 12 cents to $96.85 a barrel in London deals. Brent had risen earlier in the day, winning a lift from the Chinese figures before profit taking set in. Chris Beauchamp, market analyst at IG trading group, said prices came under pressure with the startup on Monday of production at a major Libyan oil field. Economic data also shaped the trade. HSBC's flash purchasing managers index (PMI) for the Chinese manufacturing sector came in at 50.5 in September, up from a final reading of 50.2 in August. Analysts had expected the gauge would fall bellow the 50.0 reading that would indicate contraction. Offsetting that was a fall in the Markit composite PMI for the eurozone, hitting a nine-month low of 52.3 points, according to skynews.com