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Crude falls after investors take profits from U.S., Chinese data

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Investing.com -

Investing.com - Crude oil futures fell on Monday after investors locked in gains upbeat Chinese and U.S. manufacturing reports and later sold the commodity for profits.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in July traded at $102.18 a barrel during U.S. trading, down 0.52%. New York-traded oil futures hit a session low of $102.11 a barrel and a high of $103.34 a barrel.

The July contract settled down 0.84% at $102.71 a barrel on Friday.

Nymex oil futures were likely to find support at $101.27 a barrel, the low from May 15, and resistance at $104.50 a barrel, Tuesday's high.

In the U.S., the Institute of Supply Management said its manufacturing purchasing managers' index ticked down to 53.2 in May from 54.9 in April, confounding expectations for a rise to 55.5.

Reports that the ISM was planning to correct the figure confused investors though still, as any figure over 50 signifies expansion, which sent oil prices rising to levels ripe for profit taking.

Separately, weekend data revealed that China's official manufacturing purchasing managers' index rose to a five-month high of 50.8 in May, above expectations for 50.6 and up from 50.4 in April.

The U.S. and China are the world's two biggest energy consumers and manufacturing numbers are used as indicators for future demand growth.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for July delivery were down 0.62% and trading at US$108.74 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$6.56 a barrel.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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