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Oil prices dropped moderately during today's trading, registering with a third-session decline in a row amid speculation that Saudi Arabia will reduce the price of oil in the sale of its Asian countries.
It is learned that this week's state oil company of Saudi Arabia announce official selling prices for crude oil supplies to Asia in December. Results of the survey showed Bloomberg: 7 traders believe that the world's largest oil exporter offer discounts, 6 traders predict immutability prices, and 2 traders expect increasing.
Pressure on prices also had mixed data on manufacturing activity in China, although the news about strengthening manufacturing activity in the euro area constrain the fall. Recall that in October the index of purchasing managers in the manufacturing of HSBC China rose to 50.4 compared with 50.2 in September. The final index remained unchanged from the preliminary. It is worth emphasizing data contradict the official HSBC manufacturing index PMI, which fell to a 5-month low - 50.8 from 51.1 in September. Official data published on Saturday.
Meanwhile, the final value of the manufacturing PMI eurozone, calculated by Markit, was in October of 50.6 points versus 50.3 points in September and preliminary values of 50.7 points. Processing industry in Germany last month, returned to growth after a small reduction of activity in September, but in France, Italy, Greece and Austria, there is a weakening of indicators.
The course of trading continues to influence the Fed's decision. Following the results of a two-day policy meeting, the Fed completed its asset purchase program, referring to the improvement of the situation on the labor market, which also increased the demand for the US dollar. A strong dollar usually puts pressure on raw materials, reducing its appeal as an alternative asset and increasing the dollar price products for holders of other currencies.
Investors also are awaiting the OPEC meeting on November 27 where the decision will be made on further volumes of oil production.
The cost of December futures on US light crude oil WTI (Light Sweet Crude Oil) fell to $ 80.00 a barrel on the New York Mercantile Exchange (NYMEX).
December futures price for North Sea petroleum mix of mark Brent fell $ 0.59 to $ 85.69 a barrel on the London exchange ICE Futures Europe.