23 April 2013 10:45 [Source: ICIS news]
SINGAPORE (ICIS)--Crude prices fell by more than $1.00/bbl on Tuesday, cancelling out gains made the previous day amid concerns over China’s weak manufacturing data that may have implications on oil demand from the world’s second largest consumer.
At 09:14 GMT, June Brent crude on London’s ICE futures exchange was trading at $98.98/bbl, down by $1.41/bbl from the previous close.
Earlier, the North Sea benchmark fell to a session low of $98.78/bbl, down by $1.61/bbl.
June NYMEX light sweet crude futures (WTI) were trading at $87.98/bbl, down by $1.21/bbl from the previous close. Earlier, the US benchmark hit a low of $87.80/bbl, down $1.39/bbl.
HSBC’s flash April purchasing managers' index (PMI) for China was assessed at 50.5, a decline of 1.1 points from the March figure, on account of lower new export orders.
PMI is viewed as a key indicator of manufacturing and economic activity. A PMI figure over 50 is viewed as sign of expansion in economic activity, while a figure below 50 is viewed as a sign of a contraction.
The weak China PMI data added to ongoing worries over the global economic outlook following last week’s release of downbeat GDP data from China, disappointing US economic figures and cuts to the IMF global growth forecast for 2013.
Early this month, OPEC and the International Energy Agency (IEA) also lowered their global oil demand growth forecasts for 2013 amid concerns over the strength of the world economy.
($1 = €0.77)
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