Investing.com - Financial Markets Worldwide

Crude Slips For Second Day As Production Rose; Jobs Data Eyed

Published 07/25/2013, 07:06 AM
Updated 07/09/2023, 06:31 AM
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Crude oil fell for a second day, extending the biggest loss in more than a month, as US crude production rose to 7.56 million barrels a day last week, the most since December 1990, making the market well supplied.

Oil prices also fell after weak Chinese economic data that dimmed the outlook for fuel demand in the world`s second-biggest oil consumer. China`s manufacturing activity hit an 11-month low in July and its job market weakened.

The fall in US oil inventories yesterday failed to support prices due to the rise in production and the rising concerns of slower oil demand growth. According to the Energy Information Administration report US crude inventories decreased by 2.8 million barrels last week.

- Crude is trading around $104.93 a barrel after falling $0.46

- Brent is trading around $106.80 a barrel after falling $0.39

The decline in inventories last week was the fourth in a row, the longest run of declines since August. Gasoline stockpiles fell by 1.4 million barrels, while distillate stockpiles, including heating oil and diesel, dropped by 1.2 million.

Adding to the downside pressures on prices was the disappointing quarterly corporate earnings which offset potential gains from positive global economic data and the rising anticipation ahead of today’s jobless claims and durable goods orders from the US.

Investors are also following the tropical storm Dorian which is moving across the Atlantic with top sustained winds of 50 miles (80 kilometers) per hour worrying it can affect oil operations in the Gulf of Mexico.

- Natural gas is trading at $3.711 per cubic feet after rising 0.35%

- Gasoline is trading at $3.0265 a gallon after falling 0.93%

- Heating oil is trading at $3.0154 a gallon after falling 1.04%

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