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RIYADH: Oil costs fell by practically 2 p.c on Wednesday as a stronger US greenback and weak knowledge from prime oil importer China raised demand fears.
Brent crude futures for August supply have been down $1.69, or 2.30 p.c, to $71.85 a barrel at 3:15 p.m. Saudi time, whereas US West Texas Intermediate crude fell $1.99, or 2.87 p.c, to $67.47.
China’s manufacturing exercise contracted sooner than anticipated in Could on weakening demand, with the official manufacturing buying managers’ index dipping to 48.8 from 49.2 in April.
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