October crude oil prices were under a degree of pressure during the initial morning hours, hamstrung by a round of weak economic data points. In addition to a third month of contraction in the US manufacturing sector in yesterday's data, Australian second-quarter growth came in slightly weaker than expected and European PMI data showed contraction for a 7th month in August. China Services PMI ratcheted down to a new one year low and fresh worries over slumping coal demand in the region added to economic slowdown worries. This fueled concerns that a slowing economy could trim reduce crude oil demand. Meanwhile, the crude oil market has some focus on a number of big picture macro developments in the coming days, beginning with tomorrow's ECB policy meeting and Friday's US Non-Farm Payroll data.
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