Oil Holds Near $54 as China Factory Data Reignites Growth Worry
- China’s January manufacturing PMI lowest in almost three years
- WTI is little changed on Friday, after adding 18% in January
The Phillips 66 Wood River Refinery stands in Roxana, Illinois, U.S.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Oil held near $54 a barrel in New York as weak Chinese manufacturing data and persistent uncertainty over U.S.-China trade talks stoked concerns that slowing growth could hurt demand.
West Texas Intermediate futures were steady after rising more than 18 percent last month. A Chinese factory purchasing managers index for January fell to the lowest level in almost three years, showing the damage the trade war is doing to Asia’s largest economy. The White House said progress had been made in talks, though didn’t detail any new commitments from either side.