Global crude oil prices turned lower on Thursday as traders banked profits despite strong Chinese manufacturing data. Brent North Sea crude for delivery in May fell 35 cents to $108.37 a barrel in London midday deals. New York's main contract, light sweet crude for May, dropped 31 cents to $93.19 a barrel. Prices had rallied in New York on Wednesday after the US Department of Energy reported an unexpected decline of 1.3 million barrels in oil stocks in the week ending March 15. Analysts had forecast a rise of 1.7 million barrels. On Thursday, figures from HSBC bank showed that manufacturing activity in China, the world's largest energy user, improved in March after expanding at its slowest pace in four months in February -- lifting hopes for a pick-up in the world's number two economy. The bank's preliminary purchasing managers' index (PMI), a widely watched barometer of the health of the economy, came in at 51.7 for the month from 50.4 in February. A reading above 50 points to growth while anything below indicates contraction. "It's not a spectacular number, but we may see prices ticking up slightly. The fact that we are seeing a continued expansion is a good sign of China's economic progress," said Jason Hughes, head of premium client management at IG Markets Singapore.
GMT 18:36 2017 Tuesday ,26 December
Scenting a recovery, oil producers ratchet up spendingGMT 20:43 2017 Monday ,25 December
Oil markets will witness balance in 2018: Iraqi Oil MinisterGMT 16:17 2017 Sunday ,24 December
Iraq invites bids for new oil pipelineGMT 14:26 2017 Friday ,22 December
Energy prices bump key US inflation index up in NovemberGMT 17:59 2017 Tuesday ,19 December
Japan trade surplus drops sharply on higher oil importsGMT 17:31 2017 Thursday ,14 December
Energy costs push US consumer inflation higher as Fed meetsGMT 15:30 2017 Wednesday ,29 November
Shell resumes all-cash dividend as oil price recoversGMT 13:22 2017 Sunday ,26 November
Chinese demand teaser to weigh on Vienna oil summit
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor