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Crude oil futures end deeply in red on weak China manufacturing data

28 Jan 2025 Evaluate

Crude oil futures ended deeply in red on Monday as weak manufacturing data from China has raised concerns about the outlook for demand. The manufacturing sector in China fell into contraction in January, the latest survey from the National Bureau of Statistics said with a manufacturing PMI score of 49.1. That missed expectations for a reading of 50.1, which would have been unchanged from the December reading. Further, oil prices also fell amid concerns about tariff threats and uncertainty about U.S. trade policy. U.S. President Donald Trump's call to OPEC to increase output and lower oil prices contributed as well to the downside.

Benchmark crude oil futures for March dropped $1.49 or 2 percent to settle at $73.17 a barrel on the New York Mercantile Exchange. Brent crude for March delivery fell $1.42 or 1.81 percent to settle at $77.08 a barrel on London's Intercontinental Exchange.