Oil Stable After Hitting Two Month Low – 3 October, 2019

Weak economic data caused U.S. crude to slip to two month lows before finding support from the stock market. U.S. crude was down 19 cents to $52.45 per barrel, while international Brent crude was 2 cents higher at $57.71 per barrel. The release of weaker than expected U.S. economic figures caused the prices of both to fall to early August lows, with service sector growth having reached a slowdown not seen in three years. The stalling of the Euro zone business growth for the month of September further weighed down on prices. With OPEC cuts, Brent managed to rise 7%, aided by a drop in exports due to U.S. sanctions as well as an attack on a Saudi oil field.