Oil Prices Fall on Sluggish Demand, Ample Supply

Reuters

HOUSTON, Sept 22 (Reuters) - Crude oil futures fell on Monday as ample supply and slowing economic growth in Europe and China outweighed expectations of a cut in oil output from the Organization of the Petroleum Exporting Countries (OPEC).

Concerns over extended stagnation in Europe, which could pull down other economies, were highlighted at the G20 meeting in Australia on Sunday.

China will not dramatically alter its economic policy because of any one economic indicator, Finance Minister Lou Jiwei said on Sunday.

His remarks came days after many economists lowered growth forecasts for China following the release of data that showed factory output in August grew at its weakest pace in nearly six years.

Investors will look for clues on where demand from China is heading in flash manufacturing PMI data due out on Tuesday.

"China growth is slowing, which is a driver for crude," said Oliver Sloup, director of managed futures at iitrader.com in Chicago.

"Ample supplies continue to be a major factor. Even if OPEC cuts output, it will not have a big affect."


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Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
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