Oil slips towards $57 as economic gloom weighs

Oil slips towards $57 as economic gloom weighs

The West Texas Intermediate for November delivery fell 0.98 US dollar to settle at 52.64 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery declined 1.2 dollars to close at 57.69 dollars a barrel on the London ICE Futures Exchange. United States inventories swelled by a more-than-expected 3.1 million barrels last week, according to Energy Information Administration (EIA) data.

Razaqzada that weak economic data, particularly from the U.S. manufacturing sector, also raised fears for oil demand, "but now that some of these factors have been priced in, oil prices may fall less sharply going forward or at best start to form a base".

Brent crude rose 47 cents, or 0.8%, to $59.36 a barrel by 0657 GMT, claiming again some of the ground lost over the previous 3sessions.

Hopes US, China will make progress in resolving trade spat lend support.

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Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, said yesterday that the world's top crude oil exporter has fully restored oil output after attacks on its facilities last month knocked out more than 5% of global oil supply.

West Texas Intermediate (WTI) for November delivery fell 7 cents to $52.57 a barrel on the New York Mercantile Exchange as of 7:29 a.m.in London. If the jobs number is weak, that could be even more bearish pressure on crude oil. While the record gains in oil after the September 14 attacks on Saudi Arabia evaporated largely due to the kingdom quickly restoring production, the increasing economic gloom has also played a part. But both oil benchmarks are now below their pre-attack levels after the Saudi authorities resumed output.

"Crude oil does not want to price a geopolitical premium", said Olivier Jakob, analyst at Petromatrix.

US private sector employment increased by 135,000 jobs in September, a drop from 157,000 in August, according to the monthly ADP National Employment Report released on Wednesday. "With the lack of strong economic data, it is hard to develop a bullish theme".

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