Crude Oil Falls to 8-Month Low amid Poor Global Data

Fears of a slowdown in the global economy sent the price of crude oil tumbling to an eight-month low on Friday. A worse than expected Chinese Manufacturing PMI combined with a disappointing US employment statistic led to fears that global demand for oil will continue to drop. As a result, the price of crude fell over $3 a barrel to close out the week at $83.23. Turning to this week, traders will want to pay attention to news out of both the euro-zone and US for clues as to where the price of oil will go. Any additional disappointing data could result in oil extending its bearish trend. Furthermore, any signs that the Fed is getting ready for a new round of quantitative easing in the US could weigh down on oil.

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