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Brent crude oil was virtually flat at $48.20 a barrel, heading for a near 10 percent fall this month.

European markets ended solidly in negative territory as concerns over China returned to the forefront, after some disappointing economic data, prompting further weakness in commodity prices. In America, the US crude benchmark CLc1, West Texas Intermediate (WTI) settled down...

– Reuters pic, September 23, 2015.Brent crude oil rose towards US$50 RM217) a barrel on Wednesday as a drawdown in U.S. crude oil stocks outweighed the negative impact of weak economic manufacturing data from China.

US benchmark crude West Texas Intermediate (WTI) was trading at $46.69 a barrel Thursday at 11:56 a.m. EDT.

Oil prices fell today after the US Federal Reserve kept its main interest rate on hold and following a volatile week for crude.

US West Texas Intermediate (WTI) crude futures were trading down $1.55, or 3.3 percent, at $45.35 a barrel.

The agency expects production to hit a low of 8.6 million barrels a day in mid-2016.

The current global hand-wringing and head-holding over whether the US Fed will or won’t raise interest rates later has got investors here in Asia anxious about what this means for their economies.

The lower CPI could lead to the Federal Reserve deciding to not raise interest rates this month.

Oil prices fell on Monday as weaker than expected Chinese data weighed on markets, adding to concerns that declining global demand would worsen a surplus of crude.

The Chinese market collapse, downgrading of Brazil’s credit rating, Russian recessionary concerns, and the South African economic slowdown will curb the demand for crude oil in the long term in the oversupplied crude oil market.

The Wall Street Journal is reporting that “China’s government’s official purchasing managers index (out Tuesday) fell to 49.7 in August-its lowest reading in three years“.

US benchmark West Texas Intermediate (WTI) for September delivery dropped 17 cents to Dollars 42.06 in late-morning trade after falling below USD 42 a barrel earlier in the session, the lowest price since March 2009.

Light, sweet crude for September delivery dropped $1.27, or 3%, to $41.35 a barrel on the New York Mercantile Exchange.

In addition, the outage of a 290,000 barrel-per-day distillation unit at BP PLC’s Whiting refinery in Indiana was thought to reduce commercial crude demand, further adding to stockpiles.