Crude prices edged lower Friday on concerns about the Chinese economy and signs of slowing global growth amid rising costs and heightened supply chain disruptions.
Traders also looked ahead to next week’s meeting of top producers for direction.
Benchmark Brent crude futures slipped half a percent to $77.94 in European trade, while U.S. crude futures were down 0.8 percent at $74.45.
Asia’s manufacturing activity broadly stagnated in September as pandemic-induced factory shutdowns and waning economic momentum in China weighed on the region’s economies, surveys showed earlier today.
Elsewhere, Eurozone manufacturing growth weakened in September as producers report a growing toll from supply chain headwinds, IHS Markit noted.
The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, are scheduled to meet on Monday, and speculation is rife that the cartel may go beyond its existing deal to boost production by 400,000 barrels per day (bpd) in November and December, given the backdrop of oil hovering near three-year highs.