Brent Weakens Towards $101 on Gloomy China Data, Strong Dollar

Brent crude futures slipped towards $101 a barrel on Thursday as fresh data from China cast doubt on the strength of recovery in the world’s second-biggest oil consumer and the dollar weighed on commodity markets.

China’s factory activity shrank in May, with the preliminary purchasing managers index (PMI) slipping to a seven-month low, reflecting slower local demand as well as headwinds from the United States and the European Union.