Oil Down Amid US and China Growth Concerns (id)

Thursday�s statistical data from the USA and China turned out to be quite negative, so oil dipped to its 9-month price lows. Statistics of the two major oil consumers traditionally has direct impact on oil prices.

The price of WTI Crude oil dropped by 3 US dollars to the mark of 78 US dollars per barrel.

The abrupt decrease in the oil price was caused by a report on China�s Manufacturing PMI.

According to Marit Economics � HSBC Holdings, growth in China�s manufacturing sector decelerated to its slowest pace over the last 7 months. The index is now below the 50-point benchmark at the level of 48.1 points, indicating a downturn in the sector.

Furthermore, there is a rising contingency of waning demand for oil as the Federal Reserve lowered the outlook for economic growth in 2012. Earlier the national GDP had been projected to remain within a range of 2.4%-2.9%, but now it is seen at 1.9% to 2.4%.

The US labour market forecast was changed as well. The revised data suggests that the US unemployment rate might go below the level of 8% through 2012.

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