Brent dips towards $96 after weak China data

By International Business Times,  July 02, 2012, 04:01:37 AM EDT

(Reuters) - Brent crude fell towards $96 a barrel on Monday after weak factory data from top energy consumer China , while doubts remained over an EU deal which had helped prices post their fourth biggest daily gain on record in the previous session.

A European Union oil embargo on Iranian oil shipments, which took effect on Sunday, should lend some support to prices, but analysts said the grim global macroeconomic picture was likely to cap possible gains.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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