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Oil falls on demand slowdown
Source: Agencies |
July 2, 2011, Saturday
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OIL prices fell yesterday as weak manufacturing data in China overcame a report showing factory activity in the US picked up in June after a sluggish May.
Benchmark West Texas Intermediate for August delivery declined 48 cents, or 0.5 percent, to settle at US$94.94 per barrel on the New York Mercantile Exchange. It traded as low as US$93.46 earlier in the day.
In London, Brent crude fell 71 cents to settle at US$111.77 per barrel on the ICE Futures Exchange.
In the US, factory activity picked up in June, in part because of lower fuel prices. The Institute for Supply Management, a trade group of purchasing executives, said yesterday that its index of manufacturing activity has increased for 23 straight months.
Trading could be volatile ahead of a long weekend in the US, where markets will be closed on Monday for Independence Day holiday, analysts said.
After ending last year around US$91 a barrel, oil peaked at nearly US$114 in late April. Crude has given up more than 16 percent since the beginning of May.
Worried about oil's impact on the global recovery, the 28-nation International Energy Agency, which includes the US, has pledged to release 60 million barrels of crude and refined products onto the market in an effort to prevent another price spike.
In other Nymex trading for August contracts, heating oil dropped 2.18 cents to settle at US$2.9245 per gallon and gasoline futures added less than a penny to settle at US$2.9726 per gallon. Natural gas fell 6.3 cents to settle at US$4.33 per 1,000 cubic feet.
Benchmark West Texas Intermediate for August delivery declined 48 cents, or 0.5 percent, to settle at US$94.94 per barrel on the New York Mercantile Exchange. It traded as low as US$93.46 earlier in the day.
In London, Brent crude fell 71 cents to settle at US$111.77 per barrel on the ICE Futures Exchange.
In the US, factory activity picked up in June, in part because of lower fuel prices. The Institute for Supply Management, a trade group of purchasing executives, said yesterday that its index of manufacturing activity has increased for 23 straight months.
Trading could be volatile ahead of a long weekend in the US, where markets will be closed on Monday for Independence Day holiday, analysts said.
After ending last year around US$91 a barrel, oil peaked at nearly US$114 in late April. Crude has given up more than 16 percent since the beginning of May.
Worried about oil's impact on the global recovery, the 28-nation International Energy Agency, which includes the US, has pledged to release 60 million barrels of crude and refined products onto the market in an effort to prevent another price spike.
In other Nymex trading for August contracts, heating oil dropped 2.18 cents to settle at US$2.9245 per gallon and gasoline futures added less than a penny to settle at US$2.9726 per gallon. Natural gas fell 6.3 cents to settle at US$4.33 per 1,000 cubic feet.
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