Oil drops over 1.5% as investors assess demand prospects

Oil drilling rigs

Oil prices deepened their losses today, Nov. 4, as markets assessed the demand outlook amid signs of weakening manufacturing activity in the United States and Asia.

Brent crude was trading down 1.6% at $63.87 a barrel, at 01:20 pm Makkah time. West Texas Intermediate (WTI) fell 1.75% to $59.98 a barrel.

John Evans, an analyst at PVM Oil Associates, said that weak purchasing managers' data in the US and Asia represent a concern for oil demand.

He added that the rise of the dollar against other major currencies is another factor limiting the rise in oil prices at the moment, Reuters reported.