Refiners In China At Risk As The Government May Delay Price Hike

Crude oil price rebounds to 70.2 in European morning as strong China PMI eases demand worries. Trading will likely remain thin before NY session opens. The US government will report ISM manufacturing data today. After market close, the American Petroleum Institute will report its estimates on oil inventory last week and this will act a guideline in forecasting the figures by the US Energy Department. Stock markets in Europe drop. UK's FTSE 100 Index slides -1.4% to 4843 while Germany's DAX and France's CAC 40 lose -1.6% and -1% respectively. UK's manufacturing PMI slipped to 49.7 in August after rising to 50.2 in the prior month. This disappointed the market as consensus forecast was a further gain to 51.5. In the Eurozone, unemployment rate rose to 9.5% in August from 9.4% a month ago. Although the reading came out as expected, it's indeed the highest level in 10 years, suggesting the 16 nation region' s job market remained weak.....Complete Story