Oil prices dipped this morning in Asia after China reported that manufacturing rose at the slowest pace in over two years in June, pointing to a possible slowdown in energy demand.
US crude dipped 86 cents to $94.56 a barrel, while Brent crude was down 86 cents to $111.62.
The China Federation of Logistics and Purchasing said its monthly purchasing managers index fell to 50.9 in June, the slowest pace in 28 months.
The price of crude eased back from Thursday, when the Greek parliament approved final details of a plan that will bring sweeping financial reform to its beleaguered economy. That eased concerns about a spreading financial crisis in Europe, resulting in a strengthening euro against the dollar.
That, in turn, gave oil a boost, since it tends to rise as the dollar falls and makes crude barrels cheaper for investors holding foreign money.
Crude has dropped from near $115 early last month amid concerns about slowing global demand.
The 28-nation International Energy Agency remained worried enough about oil's impact on the global recovery that it pledged last week to release 60 million barrels of crude and refined products onto the market in an effort to prevent another price spike. Oil plunged after the IEA announcement.
