Crude oil is seen trading steadily above the $107.0 per barrel mark after data showed crude and fuel stockpiles have shrunk in the United States, while weak manufacturing data from China renewed concerns over demand growth that weighs on prices.
Activity in China`s manufacturing sector slowed in July to an 11-month low at 47.7 compared with 48.2 expected as new orders slipped, suggesting the economy of the world`s second-biggest oil consumer is still losing momentum.
But a major factor preventing prices from falling is the drop in U.S. crude inventories by 1.44 million barrels last week according to the American Petroleum Institute report. The Energy Information Administration report today might show supplies dropped by 2.8 million.
- Crude is trading around $107.36 a barrel after rising $0.13.
- Brent is trading around $108.29 a barrel after falling $0.13.
The surprise fall in stockpiles revived hopes of a rise in demand growth in the world`s biggest oil consumer as both gasoline and distillate fuel stockpiles, which include diesel and heating oil, dropped more than expected.
Oil prices also find support from the continued unrest and tensions in the Middle East; a bomb killed one person and wounded 17 in Cairo, while the EU labeled Shiite militant group Hezbollah as a terrorist organization for its support to Syrian President Bashar al-Assad.
Markets will be closely watching today the eurozone’s PMI as well as the US’s new home sales and the PMI manufacturing index. Among the followed earnings there is Boeing, Caterpillar, Ford, GlaxoSmithKline, PepsiCo, Facebook, Visa and Baidu.
- Natural gas is trading at $3.72 per cubic feet after falling 0.61%
- Gasoline is trading at $3.0719 a gallon after rising 0.42%..
- Heating oil is trading at $3.0714 a gallon after rising 0.07%.
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Oil Steady Above $107 As Stockpiles Decline; China PMI Weighs
Published 07/24/2013, 05:46 AM
Updated 07/09/2023, 06:31 AM
Oil Steady Above $107 As Stockpiles Decline; China PMI Weighs
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