Investing.com UK on Nostr: Oil prices fall on surprise US inventory builds, weak China PMIs ========== Oil ...
Oil prices fall on surprise US inventory builds, weak China PMIs
==========
Oil prices fell in Asian trade on Friday, extending recent losses after unexpected builds in U.S. product inventories drummed up concerns over sluggish fuel demand, while signs of weakening business activity in top importer China weighed. Brent oil futures expiring in July fell 0.3% to $81.61 a barrel, while West Texas Intermediate crude futures fell 0.4% to $77.64 a barrel. US inventories saw a bigger-than-expected draw in the week to May 24- at nearly 4.2 million barrels against expectations of 1.6 mb. Gasoline inventories grew 2 mb, more than expectations for a build of 1 mb, while distillate inventories grew 2.5 mb against expectations for a build of 0.4 mb. Purchasing managers index data showed on Friday that Chinese manufacturing activity unexpectedly shrank in May, while non-manufacturing activity grew at a slower-than-expected pace. The readings indicated that Chinese business activity was cooling after a brief rebound over the past two months, and ramped up concerns over sluggish demand in the world's biggest oil importer.
#OilPrices #UsInventoryBuilds #ChinaPmis #FuelDemand #BusinessActivity #Opec+
https://uk.investing.com/news/commodities-news/oil-prices-fall-on-surprise-us-inventory-builds-weak-china-pmis-3524982
==========
Oil prices fell in Asian trade on Friday, extending recent losses after unexpected builds in U.S. product inventories drummed up concerns over sluggish fuel demand, while signs of weakening business activity in top importer China weighed. Brent oil futures expiring in July fell 0.3% to $81.61 a barrel, while West Texas Intermediate crude futures fell 0.4% to $77.64 a barrel. US inventories saw a bigger-than-expected draw in the week to May 24- at nearly 4.2 million barrels against expectations of 1.6 mb. Gasoline inventories grew 2 mb, more than expectations for a build of 1 mb, while distillate inventories grew 2.5 mb against expectations for a build of 0.4 mb. Purchasing managers index data showed on Friday that Chinese manufacturing activity unexpectedly shrank in May, while non-manufacturing activity grew at a slower-than-expected pace. The readings indicated that Chinese business activity was cooling after a brief rebound over the past two months, and ramped up concerns over sluggish demand in the world's biggest oil importer.
#OilPrices #UsInventoryBuilds #ChinaPmis #FuelDemand #BusinessActivity #Opec+
https://uk.investing.com/news/commodities-news/oil-prices-fall-on-surprise-us-inventory-builds-weak-china-pmis-3524982