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Oil declines as manufacturing shrinks in China, euro-area
Oil declined the most in two weeks as manufacturing shrank in China and the euro-area, bolstering concern that fuel consumption will diminish.
Futures fell as much as 2 percent after China’s economy contracted for a sixth month in April, according to a preliminary reading of a purchasing managers’ index. Euro-area services and manufacturing output slipped.
Chinese manufacturing may contract this month, according to a preliminary reading of the purchasing managers index for China by HSBC Holdings Plc and Markit Economics. It came in at 49.1 for April, compared with a final 48.3 in March. A number below 50 points to a contraction.
A euro-area composite index based on a survey of purchasing managers in services and manufacturing fell to 47.4, a five- month low, from 49.1 in March, London-based Markit Economics said in an initial estimate today.
Crude oil for June delivery decreased to $101.82 a barrel on the New York Mercantile Exchange. Futures have declined 9 percent in the past year.
Brent oil for June settlement dropped 94 cents, or 0.8 percent, to $117.82 a barrel on the London-based ICE exchange. The European benchmark contract was at a premium of $15.61 to New York futures, up from $14.88 on April 20.
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