Oil prices fall due to weak economic data, #Saudi output recovery - Reuters

Oil prices fall due to weak economic data, Saudi output recovery - Reuters:

Oil prices fell on Tuesday after weak manufacturing data from Europe and Japan focused market attention on a gloomy outlook for demand and as Saudi Arabia could restore oil output faster than anticipated following attacks last week.

Brent crude futures LCOc1 dropped 95 cents to $63.82 a barrel by 1106 GMT, while U.S. West Texas Intermediate futures CLc1 were at $57.91, down 73 cents.

“Financial data was anything but encouraging yesterday,” said Tamas Varga of oil brokerage PVM, pointing to sluggish manufacturing numbers in leading European economies and Japan.