Updated on
Summary Brent crude was down 81 cents to $111.58 on the ICE Futures exchange in London.
Oil prices fell in anticipation of weaker demand after two closely watched surveys underscored enduring global economic weakness.Benchmark oil for November delivery was down 64 cents to $91.55 per barrel at midday Bangkok time to in electronic trading on the New York Mercantile Exchange. The contract rose 34 cents to finish at $92.19 per barrel on the Nymex on Friday.Brent crude was down 81 cents to $111.58 on the ICE Futures exchange in London.Japans central bank on Monday released a survey that shows deepening pessimism over the economy among the countrys big manufacturers.The Bank of Japans quarterly tankan index was minus 3, a worsening from the previous quarters minus 1.The survey showed pessimism over the prospects for both domestic and global demand given weak growth in China, the U.S. and Europe.Meanwhile, a survey by the China Federation of Logistics & Purchasing said its monthly index of manufacturing activity stood at 49.8 points on a 100-point scale. Numbers below 50 indicate a contraction. Chinas economic growth fell to a three-year low of 7.6 percent in the quarter ending in June.Traders are now looking to upcoming jobs data out of the U.S. for a read on the health of the worlds No. 1 economy.With Wednesdays presidential debates and the approaching election, we expect all eyes will be on Fridays non-farm payrolls data, said oil analyst Stephen Schork in an email commentary.In other energy futures trading:Heating oil fell 2.6 cents to $3.133 per gallon.Wholesale gasoline fell 0. 3 cents to $2.917 per gallon.Natural gas rose 6.3 cents to $3.383 per thousand cubic feet.
