Market Volatility Expected as Jackson Hole Gathering Approaches

Oil prices dropped over 1% as weak global manufacturing data raised concerns about the health of the global economy. Japan reported shrinking factory activity for the third consecutive month, while Eurozone business activity declined more than expected, particularly in Germany. The UK's economy is at risk of falling into recession. The upcoming annual meeting of central bankers at Jackson Hole, Wyoming, is expected to provide hints on the outlook for interest rates. Crude stocks in the US continued to fall, but the smaller draw than expected raised concerns about lower oil demand.