Forexpros - Crude oil futures are now down during the European morning hours on a 4 day deep, Where the fears over the outlook for global growth impacting the appetite for riskier financial instruments, while the uncertainty about an inquiry from a bailout of Spain also linger.
Distributors of oil direct the attention to investigate the exact weekly supply data on U.S. crude stocks and refined products by the U.S. Energy Information Administration.
On the New York Mercantile Exchange, light, sweet crude for November delivery during European morning trade, was trading at a price of 91.39 USD per barrel, a loss of 0.55%.
It earlier fell by 0.9% and even marked an intraday low at 91.08 USD per barrel, the lowest value since 27 September.
Previously published data showed that the purchasing managers' index for the non-manufacturing sectors in China in September from the previous month decreased from 56.3 to 53.7, which was added to the worries about the larger than expected decline in China.
China is to the United States the world's second largest consumer of crude oil and was the rising force behind the strong demand.
Official data showed that Australia in August recorded the largest trade deficit since 3.5 years as demand has declined in exports due to weaker global growth.
Dealer direct the attention to the developments in Spain, after the Prime Minister Mariano Rajoy said on Tuesday that a request for a bailout will not happen before the weekend. Despite persistent speculation that Madrid come ever closer to the request of external financial assistance
In recent months, the focus was on the Spanish government and a possible request a complete bailout of the country.
Revised data showed that the PMI in the service sector of the euro zone fell to 46.1 in September, a good bit below the 50 mark that separates contraction from expansion.
Distributors of oil waiting to weekly data from the U.S. government about the crude oil supply in order to assess the strength of demand from the world's largest consumer can.
It is expected that the report showed that U.S. crude oil inventories have risen in the last week by 1.5 million barrels, gasoline inventories are the registered a decline of 0.6 million barrels.
After the markets were closed on Tuesday announced the industry group American Petroleum Institute that U.S. crude oil inventories have risen in the past week around 0:46 million barrels, with an increase of 1.47 million barrels was expected.
Market participants also await the key U.S. non-farm payrolls, after Federal Reserve Chairman Ben Bernanke advocated maintaining the stimuli, even though the U.S. economy is already recovering.
The Federal Reserve announced last month that it will buy $ 40 billion of mortgage-backed securities a month until the labor market improves.
The United States is in the meantime a report on the ADP non-farm payrolls and the Institute of Supply Management is to create data on the activities of the services sector.
The U.S. is the world's largest consumer of crude oil supply and account for almost 22% of global demand.
On the ICE Futures Exchange, Brent oil futures for November delivery were trading with a loss of 1.35% and a price of 110.64 USD per barrel, the difference between Brent and WTI stood at 19.25 USD per barrel.
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