Oil Prices Continued To Decrease

West Texas Oil prices slipped to its lowest level this year as Chinese and European manufacturing data was lower than expected strengthens concerns that oil demand will decline.

Crude futures fell 1.5% after China's manufacturing growth slowed the data for the second month while factory production declined in the euro area and the UK.

Factory data helped the U.S. dollar strengthened against the British pound and the Euro. The strengthening of the U.S. dollar reduce the appeal of raw materials to investors.

"Oil is down because the data index overnight disappointing manufacturing data in China in particular number, which indicates the state has the smallest expansion," said John Kilduff, partner at Again Capital LLC, based in New York, Saturday (2/3).

UK manufacturing, he added, has been plunged into a contraction would hit demand.

Crude oil for April delivery fell U.S. $ 1.37 to U.S. $ 90.68 a barrel on the New York Mercantile Exchange, the lowest level since December 24 closing.

Prices have dropped 2.6% during the week. Trading volume of all contracts fell 1.5% from the average of 100 days at 3:10 pm.

Brent crude oil for April delivery fell 98 cents, or 0.9%, at closing of U.S. $ 110.40 a barrel on the ICE Futures Europe, based in London. The price represents the lowest closing level since 15 January.