West Texas Intermediate crude fell from the highest
price in more than four weeks amid speculation that factory production
in China remained in contraction for a fifth month. Brent was steady in
London.
Futures dropped as much as 0.4 percent in New York.
HSBC Holdings Plc��s Purchasing Managers�� Index for China probably
rose to 48.3 in May, according to a Bloomberg News survey of economists.
Readings below 50 indicate a contraction. Gasoline and distillate
inventories rebounded last week in the U.S., the world��s biggest oil
consumer, data from the Energy Information Administration showed
yesterday.
WTI for July delivery slid as much as 40 cents to
$103.67 a barrel in electronic trading on the New York Mercantile
Exchange and was at $103.92 at 11:11 a.m. Sydney time. Front-month
futures rose $1.63 to $104.07 yesterday, the highest close since April
21. The volume of all futures traded was about 40 percent below the
100-day average. Prices are up 5.6 percent this year.
Brent for July settlement was 5 cents lower at
$110.50 a barrel on the London-based ICE Futures Europe exchange. The
European benchmark crude was at a premium of $6.60 to WTI. The spread
closed at $6.48 yesterday, the narrowest in a month.
U.S. crude inventories shrank by 7.23 million
barrels in the week ended May 16, according to the EIA, the Energy
Department��s statistical arm. Gasoline stockpiles increased by 970,000
barrels while distillate supplies, including heating oil and diesel,
gained 3.4 million.
Source : Bloomberg
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