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Oil prices fall amid concerns over economic growth

2019-09-04 07:12

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NEW YORK, Sept. 3 (Xinhua) -- Oil prices declined on Tuesday, after the latest data showed that U.S. manufacturing sector weakened in August amid sagging business confidence, stoking concerns over both the U.S. and global economic growth.

The West Texas Intermediate for October delivery decreased 1.16 U.S. dollars to settle at 53.94 dollars a barrel on the New York Mercantile Exchange, and Brent crude for November delivery declined 0.4 dollar to close at 58.26 dollars a barrel on the London ICE Futures Exchange.

A gauge of U.S. manufacturing from the Institute for Supply Management (ISM) showed the sector contracted in August.

The U.S. manufacturing PMI (purchasing managers' index) registered 49.1 percent, a decrease of 2.1 percentage points from the July reading, according to the Manufacturing ISM Report On Business released on Tuesday.

Timothy Fiore, chair of ISM Manufacturing Business Survey Committee, said in a statement that comments from the panel reflect a notable decrease in business confidence. August saw the end of the PMI expansion that spanned 35 months, with steady expansion softening over the last four months.

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