Crude Oil Reversing Early Losses, Edges Up 0.25% as NYMEX Trading Begins

By Staff,

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Crude oil prices softened early this morning as more weak economic data in the euro zone spurred selling interest. But prices are finding support and are edging upward as trading on the New York Mercantile Exchange gets underway.

Shortly after 9 a.m. ( ET ), July futures on the NYMEX was up 21 cents, or 0.25%, at $84.19. Brent crude is up 7 cents, or 0.07%, at $98.92.

Euro-area services and manufacturing output contracted in May. A composite index based on a euro-area survey of purchasing managers in both services and manufacturing dropped to 46 in May from 46.7 in April, compared with an estimate of 45.9. The indicator has remained below 50 for four straight months, indicating contraction.

Other bearish news was also circulating. The IEA said global oil demand growth in 2012 may fall short of its forecast 800,000 barrels per day. And, according to a Reuters report, Royal Dutch Shell CEO Peter Voser said oil prices were likely to keep falling well into the second half of the year due to a slowing global economy and easing geopolitical uncertainty.

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This article appears in: Investing Commodities
Referenced Stocks: ET

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