Oil prices decline amid concerns over weak demand

0 Comment(s)Print E-mail Xinhua, February 5, 2019
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Oil prices declined on Monday as investors continued to worry that falling factory orders in the United States would dampen oil demand.

The demand for U.S. manufactured products fell in November as factory orders dropped 0.6 percent from the month earlier amid sharp declines in demand for machinery and electrical equipment, the U.S. Commerce Department said on Monday.

The release of the factory orders data was delayed because of the longest-ever partial government shutdown in U.S. history.

Analysts said the unexpected fall in the data stoked investors' concerns that oil demand would weaken in the near future and further contribute to a global glut.

The West Texas Intermediate for March delivery declined 70 U.S. cents to settle at 54.56 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April dropped 24 cents to close at 62.51 dollars a barrel on the London ICE Futures Exchange. 

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