NEW DELHI, Aug 24 Reuters Oil prices eased on Thursday amid disappointing economic data from key economies and as investors await a speech by U.S. Federal Reserve Chair Jerome Powell on Friday for clues on interest rates.

Brent crude fell 19 cents, or 0.2, to 83.02 a barrel by 0619 GMT, while U.S. West Texas Intermediate crude dropped 24 cents, or 0.3, to 78.65 a barrel.

Manufacturing data from a host of purchasing managers39; index PMI surveys on Wednesday painted a grim picture of the health of economies across the globe, raising demand concerns, analysts said.

Japan reported shrinking factory activity for a third straight month in August. Euro zone business activity also declined more than expected, particularly in Germany. Britain39;s economy looked set to shrink in the current quarter, leaving it in danger of falling into recession.

U.S. business activity approached the stagnation point in August, with growth at its weakest since February.

Meanwhile, Federal Reserve officials and policymakers from the European Central Bank, the Bank of England and the Bank of Japan head to Jackson Hole where higherforlonger interest rate talk may dominate despite a dip in inflationary pressures.

The downward pressure on oil prices is largely due to concerns surrounding a potential decrease in demand and rising supply of oil on top of downbeat PMI readings, said Sugandha Sachdeva, executive director and chief strategist at Acme Investment Advisors.

On the supply side, Iran39;s…