Oil prices eased in early Asian trade on Tuesday as weak manufacturing data from...
SINGAPORE - Oil prices eased in early Asian trade on Tuesday as weak manufacturing data from Europe and Japan focused market attention on a gloomy outlook for demand, though lingering uncertainty over Saudi supply disruption braked the drop.
Brent crude futures LCOc1 fell 29 cents to $64.48 a barrel by 0154 GMT, while U.S. West Texas Intermediate futures CLc1 were at $58.40, down 24 cents. Reuters reported that Saudi Arabia has restored more than 75% of crude output lost after attacks on its facilities and will return to full volumes by early next week. But the Wall Street Journal reported on Monday that repairs at the plants could yet take months longer than anticipated.
Meanwhile a preliminary Reuters poll found on Monday that U.S. crude oil and distillate stockpiles were expected to have dropped last week.
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