Oil dips as China factory activity shrinks; market eyes U.S. data

News Snapshot:

Oil prices eased on Thursday after data showed China’s manufacturing activity shrank for the fifth month in a row, and as investors cautiously awaited a U.S. personal consumption expenditure report later in the day for any clues on the interest rate outlook. Brent crude futures for October, which expire on Thursday, dipped 9 cents, or 0.1%, at $85.77 per barrel by 0630 GMT. The more active November contract was down 10 cents, or 0.1%, at $85.14. U.S. West Texas Intermediate crude futures for October eased 6 cents, or 0.1%, at $81.57. China’s manufacturing activity again in August, an official factory...