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Oil fell as U.S. and euro-area manufacturing contracted in August, raising concern that slower economic growth will reduce oil demand.
Prices fell as much as 1.4 percent after the Institute for Supply Management’s U.S. factory index declined more than analysts forecast. In the euro area, manufacturing contracted more than initially estimated in August, London-based Markit Economics reported yesterday.
Moody’s Investors Service yesterday lowered the outlook on the European Union’s Aaa long-term bond rating to negative from stable yesterday, reflecting the risks to Germany, France, the U.K. and the Netherlands that account for about 45 percent of the group’s budget revenue, according to a company statement.
Oil for October delivery slipped to $95.12 a barrel on the New York Mercantile Exchange after rising to $97.37. Prices are down 3.3 percent this year.
There was no floor trading yesterday because of the U.S. Labor Day holiday, and transactions since the Aug. 31 close will be booked with today’s trades for settlement.
Brent oil for October settlement fell 85 cents, or 0.7 percent, to $114.93 a barrel on the London-based ICE Futures Europe exchange.
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