Crude Declines on Stockpile Release Speculation, China: report

By Staff,

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Oil fell to a one-week low after manufacturing in the euro area and China contracted this month, signaling that fuel consumption may decline, according to a Bloomberg report.

It said futures dropped 1.8% as services and output slipped more than forecast in Europe, according to London-based Markit Economics. A preliminary measure of Chinese industrial activity also decreased. Crude's decline accelerated as equities retreated and the dollar climbed against the euro.

Crude oil for May delivery fell US$1.92 to US$105.35 a barrel on the New York Mercantile Exchange, the lowest settlement since March 15. Futures are 6.6% higher this year.

Brent oil for May settlement declined US$1.13, or 0.9%, to US$123.07 a barrel on the London-based ICE Futures Europe exchange.

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This article appears in: Investing Commodities
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