November NYMEX WTI came under pressure in the overnight session after China’s manufacturing contracted for the second month in a row. The global slowdown is denting oil demand in China, suggesting the country may face its lowest growth pace in 22 years. Consequently, Fitch Ratings lowered its 2012 growth forecasts for China, lowering its estimate of Chinese GDP growth to 7.8% for this year.
Energy Overview — TotalView™ of the Energy Markets