Oil prices trade mixed

Oil prices traded mixed. WTI crude oil declined on concerns over a possible weak oil demand and a slowdown in the Chinese economy. Markit Economics reported yesterday that the Chinese preliminary Markit/Caixin manufacturing Purchasing Managers' Index (PMI) decreased to 47.0 in September from 47.3 in August, missing expectations for a rise to 47.5, and hitting a 78-month low.

The U.S. Commerce Department released durable goods orders data on Thursday. The U.S. durable goods orders decreased 2.0% in August, in line with expectations, after a 1.9% gain in July. July's figure was revised down from a 2.2% rise.

The decline was partly driven by a weak demand for aircraft.

The U.S. durable goods orders excluding transportation was flat in August, missing expectations for a 0.1% gain, after a 0.6% increase in July.

Yesterday's U.S. oil inventories also weighed on WTI crude oil. U.S. crude inventories fell by 1.9 million barrels to 454.0 million in the week to September 18. But gasoline inventories increased by 1.4 million barrels, according to the EIA.

Market participants are awaiting a speech by the Fed Chairwoman Janet Yellen today at 21:00 GMT. They hope to get an explanation on the Fed's decision on last Thursday.

WTI crude oil for November delivery fell to $44.56 a barrel on the New York Mercantile Exchange.

Brent crude oil for October rose to $48.00 a barrel on ICE Futures Europe.