Brent up modestly, WTI slides

FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood remarks that Brent crude oil price rose on Tuesday on better than expected Chinese PMI, while WTI was less popular and dropped.

Key quotes

"Oil bulls were hanging on for some good news from the East overnight with the Chinese flash September PMI numbers due and they weren’t disappointed."

"Coming in at 50.5 against consensus of just 50 may not seem like a massive beat of the whisper but it did the trick and the Brent price is up modestly this morning."

"WTI however is less popular as it has fallen back to nearly $91 this morning, admittedly it is a new contract but economic stats over there showed just how tentative the recovery is with US home sales data for August weak."

"Retail gasoline prices are also falling, not surprisingly at this time of the year and are 5.5 cents down on the week at $3.35 a gallon."

"With a big US and ‘partners’ air strike against the IS in Syria overnight tension remains high but so do supplies and news that Libya’s biggest refinery is back on stream will add to that glut."