1st September 2015
Oil prices retreated on Tuesday after surging by nearly $10 a barrel over the last three sessions.
US light crude, or West Texas Intermediate, dipped by just over a dollar to 48.16.
Brent crude lost nearly a dollar-fifty to trade at 52.73.
Crude futures had risen by 25 per cent to notch up their biggest three-day rally in 25 years, after figures from the Energy Information Administration indicated US oil production was lower than forecast.
But the gains were pared as fresh data stoked fears over the health of China’s economy.
A report showed China’s manufacturing sector contracted in August, sending global stocks lower as risk appetite subsided.
Shares in European capitals were down after the weak data had sent the Nikkei tumbling by almost four per cent.
The FTSE 100 and DAX were both down two per cent in morning trading.
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