NEW YORK (TheStreet) -- Cabot Oil & Gas Corp. (COG) stock is falling by 0.17% to $17.66 in afternoon trading on Monday, as oil prices decreased on concerns over the global economy following soft Chinese manufacturing data.
WTI crude is down by 0.65% to $36.80 per barrel, while Brent crude is declining by 0.35% to $37.15 per barrel, according to the CNBC.com index.
Weak economic data from China caused markets in the country to plunge 7%, triggering a sell-off in equity markets across the world, Reuters reports.
Oil prices are also being pressured by data that showed an increase of more than 480,000 barrels in the Cushing, OK delivery hub, according to Genscape, Reuters added.
Prices of crude oil had gained more than 4% earlier today due to the rising tensions in the Middle East.
"The Saudi-Iran standoff is certainly one to worry over given its ramifications for oil supply," Price Futures Group analyst Phil Flynn told Reuters. "But the equity markets selloff is more pressing and difficult to ignore because of the impact of China on the global economy and overall demand for oil."
Houston-based Cabot Oil & Gas is an oil and gas exploration and production company that operates in the U.S.
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