WASHINGTON (dpa-AFX) - Oil prices declined on Thursday, with signs of surging U.S. output and a weakening Chinese economy keeping investors worried.
Benchmark Brent crude fell almost 1 percent to $65.94 per barrel while U.S. West Texas Intermediate (WTI) crude oil futures were down 0.8 percent at $56.49 per barrel.
U.S. crude oil production surged by more than 2 million barrels per day (bpd) to hit a record 12 bpd over the last year, undermining efforts by OPEC-led countries to withhold supply and tighten markets.
Activity in China's vast manufacturing sector continued to contract in February, and at a faster rate, the latest survey from the National Bureau of Statistics revealed, underscoring concerns that the world's second-largest economy is losing momentum.
The manufacturing PMI stood at 49.2 in the month, missing expectations for a score of 49.5, which would have been unchanged from the previous month.
The non-manufacturing PMI came in with a score of 54.3 in February - shy of expectations for 54.5 and down from 54.7 in the previous month.
Hopes for progress in U.S-China trade talks faded and a historic summit ended without agreement on the denuclearization of the Korean Peninsula, raising fresh concerns over fuel demand.
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