Today: oil incur losses longest series "29 years ago"


(Independent) ... oil prices resumed their downward trend in Asian trading on Friday, dragged down global stock markets and a sharp contraction in factory activity in China, and the US is heading Brent crude to record the longest series of weekly losses since 1986.

A survey published today that the activity of the Chinese manufacturing sector shrank in August at the fastest pace in nearly six and a half years with the decline in domestic and external demand, which increases concerns about demand for crude in the second-largest oil consumer in the world.

Asian stocks fell in morning trading Haveh the lead of US stocks on Wall Street as fears of slowing global growth led by China.

It is trading Khami measurement of key oilfields near their lowest levels in six years and a half years, and is heading to the US crude measurement record eighth consecutive weekly decline in a longer series loss since 1986.

In late 1985 the price of oil plunged to $ 10 a barrel from about $ 30 over five months with OPEC to raise its production to regain market share in the wake of an increase in production beyond.

And it decreased the NYMEX delivery October 42 cents to $ 40.90 a barrel by 0445 GMT,. The September contract, which expired on Thursday, circulation has closed higher 34 cents.

During the previous session measurement Hui US crude to its lowest level in six and a half years at $ 40.21 a barrel.

And it decreased international measurement Brent crude oil futures 46 cents to $ 46.16 a barrel, after finishing the previous session low 54 cents. Brent and heading to be recorded seventh loss in eight weeks.

The US dollar continued to decline against major currencies with receding expectations for an increase in US interest rates in September, which provides some support for oil prices.