Crude futures retreated Monday on weak U.S. economic data despite OPEC planned to cut output.
The U.S. Institute for Supply Management reported that the manufacturing sector further contracted in October. The manufacturing index came to 38.9 in October, its lowest level in 26 years. Economists had expected the index might drop to 41 from 43.5 in September.
Meanwhile, the U.S. Commerce Department reported that construction spending fell by 0.3 percent in September, less than the 0.8 percent decline economists had expected.
U.S. factory activity contracted sharply in October, falling to its lowest in 26 years as the financial crisis racked the world's largest economy.
Ford Motor's U.S. sales for October were down 30.2 percent on last year, with General Motors, Chrysler, Nissan and Volvo all reporting considerable slumps year on year.
Light, sweet crude for December delivery was down 3.90 U.S. dollars to settle at 63.91 a barrel. London Brent crude dropped 4.84 dollars to settle at 60.48 dollars a barrel.
(Xinhua News Agency November 4, 2008)