Brent falls towards $66, China factory activity falls

Brent crude dipped towards $66 a barrel on Monday as weak Chinese data added to demand fears, while near-record supplies from OPEC producers maintained worries about oversupply.

China, the world’s second-largest oil consumer, posted its biggest drop in factory activity in a year to 48.9 in April, a private business survey showed on Monday. The sub-50 point level indicates a contraction compared with the previous month.

Oil supplies from the Organization of the Petroleum Exporting Countries, which produces about 40 percent of oil supplies, climbed 0.2 percent to a more than two-year high in April, a Reuters survey showed.

Brent June crude futures dropped 11 cents to $66.35 a barrel by 0412 GMT, after hitting a 2015 peak of $66.93 on April 30.

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Posted in: Indian Market Tips