Crude Erases Last Week's Rally on China Data, OPEC Output Gain
- China factory gauge shows contraction for 6th month in January
- Output from Kuwait, Nigeria, Iran advanced last month: survey
Where Are Oil Prices Headed From Here?
This article is for subscribers only.
Oil erased its longest rally this year on signs industrial activity in China is deteriorating, potentially hurting demand as OPEC pumps record amounts of crude.
Futures tumbled 6 percent in New York. China’s purchasing managers index dropped in January to a three-year low, with the official factory gauge signaling contraction for a record sixth month. Output from the Organization of Petroleum Exporting Countries rose to 33.11 million barrels a day last month following Indonesia’s readmission to the group, data compiled by Bloomberg show. U.S. drillers idled rigs for a sixth week, Baker Hughes Inc. said.