Crude prices traded lower on Thursday, dragged lower by the disappointing PMI figures from China while crude inventories in the US climbed to a record-high.
The North American West Texas Intermediate crude for June delivery slid 0.15% trading at $99.63 per barrel on the New York Mercantile Exchange at the time of writing. While futures for the European benchmark Brent crude for June settlement lost 0.13% to $107.94 a barrel at the same time on the ICE Futures Europe exchange.
China’s Purchasing Managers Index (PMI) came in at 50.4 in April, slightly up from the previous reading of 50.3 seen in March but still lower than analysts’ forecasts of 50.5.
Crude Supplies
US crude supplies in the US climbed 1.698 million to 399.4 million in the last week, the highest level since April 1931, according to reports from the US Energy Information Administration.
Gasoline supplies rose 1.6 million barrels to 211.6 million barrels in the last week, while distillate stockpiles, including heating oil and diesel; rose by 1.9 million to 114.4 million barrels, according to reports from the EIA.
Reports from the American Petroleum Institute showed that the US crude stocks rose by 3 million barrels in the last week, surpassing analysts’ forecasts.
US GDP
The US Federal Reserve (Fed) concluded its two-day policy meeting by reducing its monthly asset purchases to $45 billion on Wednesday, overlooking the US weak first-quarter performance.
Reports from the Commerce Department in Washington showed that the US gross domestic product expanded by 0.1% at an annual rate from January to March, compared to the 2.6% rise seen in the previous quarter.
Russia
Earlier this week Russia; the biggest energy exporter in the world, was imposed with new sanctions by the US and the European Union as Russian President Vladimir Putin warned that the new sanctions may lead to Russia to reconsider participation with companies in the US and the European Union in the energy sector and other key industries.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today
The post Crude Prices Drops on Weak China PMI Data appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog
