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Market Briefing
Michael Poulsen, A/S Global Risk Management Ltd.
02 Nov 2015 11:27 GMT





A/S Global Risk Management logo. Slowing Chinese manufacturing activity and U.S. oil rig cuts (Brent: $49.1)

Oil prices increased Friday on reduction in active U.S. drilling rigs, but Chinese data over the weekend weighs.

Friday's weekly oil rig count from Baker Hughes showed another cut in the number of active drilling rigs in the U.S. - down 16 rigs to 578, increasing fears of U.S. crude oil production declining over the coming period.

Friday's summit on the situation in Syria gave no clear agreement on a political solution other than to meet for another round of international discussions maybe next week.

Over the weekend, Chinese Manufacturing PMI came out at 49.8 - same as previous reading, but below expectations. The Non-Manufacturing PMI declined to 53.1 from 53.4 previous. This morning, another Manufacturing PMI, the Caixin, showed a slight increase, 48.3 versus last reading of 47.2. Numbers below 50 indicates contraction rather than expansion.

The week ahead in economic numbers is full of data and central bank speeches, so expect intraday volatility in oil prices as well. Especially Thursday's and Friday's U.S. job data will be followed closely.


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Company: A/S Global Risk Management Ltd.

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