Oil prices are lower this morning, taking their latest hit from a disappointing reading on China’s manufacturing sector. The HSBC flash manufacturing PMI for August fell to a three-month low to 50.3 versus expectations of 51.5. The reading is just above the dividing line between expansion and contraction at 50. The data point has a large impact on the petroleum complex because of what it portends for China’s energy demand, and China represents the swing demand center for the market.
Energy Overview — TotalView™ of the Energy Markets