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Crude oil futures pare gains in Asian trade

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Forexpros - Crude oil futures fell back from earlier gains Tuesday, following Senate passage of a bill to raise the U.S. debt ceiling and growing concerns of a slowdown in the economy of the world's largest energy consumer.

On the New York Mercantile Exchange light, sweet crude futures for September delivery traded at USD93.28 a barrel during early Asian trade, falling 0.04%, after hitting a daily high of USD95.59.

The Bureau of Economic Analysis announced Tuesday its seasonally adjusted core Personal Consumption Spending ( PCE ) price index rose by 0.1% in June, below market expectations of a 0.2% gain for the month.

In a separate report, the Bureau of Economic Analysis said U.S. personal income rose by 0.1% in June, the smallest gain since last November, while personal spending unexpectedly dropped 0.2%, the first decline in nearly two years.

Withdrawal from riskier assets extended into Wall Street, as U.S. stock indexes extended losses for an eighth straight day, the longest losing streak since October 2008.

China's purchasing managers' index, in a Monday government release, dropped to 50.7 in July from June's 50.9, an indication of contracting activity and concerns of a demand decline from the world's second largest oil consumer.

On the ICE Futures Exchange Brent oil futures for September delivery fell 0.22% to trade at USD115.81.

A Wednesday, a U.S. government report was expected to show stockpiles climbed by 1.5 million barrels last week, while gasoline stockpiles were forecast to rise by 0.5 million barrels.

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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.

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