Oil closes lower as US, eurozone manufacturing shrinks

Oil drilling rigs

Oil prices turned lower today, Sept 23, as economic data showed manufacturing activity in the US and eurozone contracted in September, while slowing in the UK and India.

Brent crude futures for November delivery fell 0.8%, or 59 cents, to close at $73.90 a barrel, after touching $75.17.

WTI crude futures for November delivery (the most active contract) fell by 0.9%, or 63 cents, to $70.37 a barrel.

According to the preliminary reading in a survey by S&P Global, the purchasing managers' index (PMI) for the manufacturing sector in the US recorded a 15-month low, falling to 47 points from 47.9 points in August. In the Eurozone, it fell to 44.8 points from 45.8 points.

Concerns about weak oil demand increased as manufacturing activity in the UK and India slowed in September, with the index falling to 51.5 points from 52.5 points and to 56.7 points from 57.5 points, respectively.