Benchmarks on both sides of the Atlantic fell today as manufacturing indexes for both the U.S. and China, the top two oil-consuming nations in the world, receded on slumping January orders.
The U.S. figure was most damaging as the Institute for Supply Management reported a figure far lower than investors had been anticipating.
Equities also retracted on the signs of a slowing global economy while the Fed plans on continuing the reduction of the stimulus package.
When the dust settled WTI had lost $1.06/bbl, ending the day at $96.43/bbl while Brent slipped $0.36/bbl finishing the day at $106.04/bbl. Bunker prices were stable to soft in the primary ports.
