Continued fall in oil prices and meager trading
Oil prices fell in thin trade on Wednesday as investors turned to profit-taking after the gains achieved in the previous session, but the supply from Brazil and Libya crashes contributed to the reduction of losses.
The hostel Brent crude futures December 13 cents delivered to the to $ 50.41 a barrel at 0546 GMT, after having ended the previous session up $ 1.75, or about 3.6 percent. US crude has dropped the price of the December 13 cents to $ 47.77 a barrel after closing the previous session up $ 1.76, or 3.8 percent. Crude scored on Tuesday the highest price since October 13 at $ 48.36 a barrel.
Said Michael McCarthy, senior market experts Alstrutegeyn at CMC Markets in Sydney, said investors «configure their short-term positions after recording good height» more than expected during landing session, but he said that prices will remain in a specified range. And increased service sector activity in China, the fastest pace in three months in October, thanks to the growth of new activities, according to a poll showed on Wednesday, which eased some of the concerns of the continuing weakness of the second largest economy in the world with the faltering manufacturing sector. Rose Kaychen / Market purchasing managers index to 52.0 in October, its highest level since July 2015, compared with 50.5 in September, which was the lowest level in 14 months, and separates the fifty-level point between growth and contraction. Jumped sub-index for new business to 52.9 from 50.5 in September, while the employment index also rose to its highest level in three months.
However, the business expectations fell to a record low in October, highlighting the hazy economic outlook.
The official survey of the services sector of China may Sunday showed that growth in the sector slowed in October to grow less pace in nearly seven years.
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