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| Oil Hovers Below $ 89 That European Industry Slow |
Oil prices fell just over $ 89 a barrel on Thursday, reports on industrial production slows in European stock markets overshadowed by developments in Asia.
From performances in the early afternoon in Europe, a reference to the October delivery of oil fell 24 cents to $ 88.57 in electronic commerce in the New York Mercantile Exchange. Crude oil fell 9 cents to $ 88.81 on Wednesday.
In London, Brent crude for October delivery fell 47 cents to $ 114.38 on the ICE Futures exchange.
Crude oil rose 17 percent from August 9 to the center is a growing consensus that the U.S. economy will grow weak, but not in the contract, in the second half.
The oil traders often look at actions as an indicator of investor sentiment in general, and the Dow Jones Industrial Average has risen for four consecutive days.
Asian stock markets were on Thursday, while China said manufacturing grew in August. Purchasing Managers' Index, HSBC, "rose for the first time in three months, the survey also showed a group of industrial activity expanded slightly.
In Europe, however, stock indexes were almost all in red, with Germany's DAX down 1.6 percent and London FTSE 100 off 0.2 percent. The retreat was blamed on studies showing that industries across the continent - a key factor for growth in the Euro area - were concluded in August.
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| Oil Hovers Below $ 89 That European Industry Slows |
Some analysts are also concerned about the difficult economic situation in the U.S. will affect oil demand.
Crude supplies rose 5.3 million barrels last week, the Administration Department's Energy Information Administration said in its weekly report. Analysts expect oil supplies by 1.2 million barrels, according to Platts, the energy information arm of McGraw-Hill Cos.
"The macroeconomic environment remained very vulnerable still allows lower prices and fast network able to deny the recent recovery in prices over a few sessions," Ritter Busch and Associates said in a report.
In other contracts of October Nymex trading, heating oil lost 1.85 cents to $ 3.0655 a gallon of gasoline fell 1.36 cents and the future $ 2.8627 a gallon. Natural gas for October delivery rose 3.4 cents to $ 4.088 per thousand cubic feet of information.
