2019.10.3109:57:00UTC+00Oil Prices Subdued On Weak China Data

Oil prices were flat to slightly lower on Thursday after official data showed that China's factory activity slipped to an eight month-low in October, raising fresh concerns of lower fuel demand.

The manufacturing PMI fell to 49.3 from 49.8 a month ago. China's service sector also logged weaker growth in October, with the corresponding index coming in at 52.8, down from 53.7 in September.

Benchmark Brent crude was little changed at $60.23 a barrel, after having fallen 1.6 percent on Wednesday after data from the U.S. Energy Information Administration showed a surprise build in U.S. stocks.

Crude inventories rose 5.7 million barrels in the week to Oct. 25, more than twice the expected jump.

U.S. West Texas Intermediate (WTI) crude futures were down 0.1 percent at $55.02 a barrel, after ending 0.9 percent lower in the previous session.

The downside remained capped after the U.S. Federal Reserve cut interest rates by 0.25 percentage point, as widely expected, and the Bank of Japan signaled further monetary easing going forward.