Brent crude was down 51 cents to $83.52 a barrel at 0738 GMT, while U.S. West Texas Intermediate crude fell 49 cents to $79.15
Oil prices dropped on Wednesday, as traders were cautious ahead of potentially gloomy manufacturing data and an annual meeting at Jackson Hole, where heavy-hitter central bankers including from the United States will talk interest rates.
Markets await hints on the outlook for interest rates when Federal Reserve officials and policy makers from the European Central Bank, the Bank of England and the Bank of Japan head to Jackson Hole, Wyoming, for an annual meeting later this week. Earlier on Wednesday, Japan posted shrinking factory activity for a third straight month in August, and the euro zone, France, Germany, Britain and the United States are set to release their own purchasing managers’ index data later in the day.
Crucial to shoring up oil demand over the rest of the year is China, the world’s second-largest economy. But weak growth has frustrated markets as pledged stimulus has fallen short of expectations, including a smaller-than-expected cut in a key lending benchmark on Monday.
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