The cost of oil has declined substantially

Oil prices fell markedly today, while leaving to the lowest level since the beginning of this year, helped by the presented data that showed that the official purchasing managers' index for the manufacturing in China for February fell to 50.1 from 50.4 in January . Note that the February PMI was below the average forecast at 50.5. The cooling of the new wave may raise concerns about the growth momentum of the world's second-largest economy, after she began to add turnover in the 4th quarter of last year. In addition, the pressure on prices exerted fear of coming sequestration. Therefore, from now on take effect the planned reduction in government spending, the amount of which for the current year is $ 85 billion today, U.S. President Barack Obama will meet with congressional leaders and if the solution is not found, he would sign a decree to reduce costs.

Also note that the negative impact on the bidding data for the UK. Note that the purchasing managers' index (PMI) for the manufacturing of Great Britain in February fell to 47.9, below the key 50 level that separates growth territory from the territory of contraction. Economists had expected a slight improvement to 51.0. Activity in the UK manufacturing sector declined in February, as the decreased amount of new foreign and domestic orders, and the company reduced staff at the fastest pace in more than three years.

April futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 90.74 dollars a barrel on the New York Mercantile Exchange.

April futures price for North Sea petroleum mix of mark Brent fell by 69 cents and is now $ 110.27 a barrel on the London Stock Exchange ICE Futures Europe.