Home / Business / Oil drops as Saudi output nears record, China demand worries drag

Oil drops as Saudi output nears record, China demand worries drag

19The flash HSBC/Markit Purchasing Managers’ Index (PMI) dipped to 49.2 in March, below the 50-point level that separates growth in activity from a contraction on a monthly basis, stoking worries over the strength of the world’s No.2 economy. Economists polled by Reuters had forecast a reading of 50.6. “Considering that the preliminary PMI figures for major crude importers turned out much lower than estimates … we expect both WTI and Brent to end-off today lower,” Singapore-based Phillip Futures said on Tuesday.

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