Data from China and Japan pointed to continued economic downturn in the global markets lowering oil prices around the world.

Japan’s central bank on Monday released a survey that shows deepening pessimism over the economy among the country’s big manufacturers.

The Bank of Japan’s quarterly “tankan” index was minus 3, a worsening from the previous quarter’s minus 1.

The survey showed pessimism over the prospects for both domestic and global demand given weak growth in China, the U.S. and Europe.

Meanwhile, a survey by the China Federation of Logistics & Purchasing said its monthly index of manufacturing activity stood at 49.8 points on a 100-point scale. Numbers below 50 indicate a contraction. China’s economic growth fell to a three-year low of 7.6 percent in the quarter ending in June.

Traders are now looking to upcoming jobs data out of the U.S. for a read on the health of the world’s No. 1 economy.

Oil for November delivery was down 64 cents to $91.55 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 34 cents to finish at $92.19 per barrel on the Nymex on Friday.

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Brent crude was down 81 cents to $111.58 on the ICE Futures exchange in London.

In other energy futures trading:

— Heating oil fell 2.6 cents to $3.133 per gallon.

— Wholesale gasoline fell 0. 3 cents to $2.917 per gallon.

— Natural gas rose 6.3 cents to $3.383 per thousand cubic feet.

Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service

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