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Oil Sinks on Economic Data, Supply

Posted by Joseph Trevisani on May 1, 2013 3:29:00 PM


US OIL CLOSE:NYMEX

June light sweet crude oil(WTI)  futures settled down $2.43 at $91.03 per barrel, after trading in a $90.11 to $93.26 range on the Nymex exchange.

Analysts say prices have been weighed by disappointing China PMI data (CFLP at 50.6 in April, vs consensus at 50.9 and 50.9 in March) and decidedly downbeat US data (ADP, Manufacturing ISM).

The front contract, which topped out at $94.69 Monday, has broken back below its 55-day moving average ($92.73) and 200-day moving average ($93.42), with an eye now on a move back to the April 24 low at $89.21. Last month, WTI traded in a $85.61 (April 18) to $97.80 (April 1) range. EIA data, released earlier, showing greater than expected crude stocks, has weighed also on the day.

Market News International & WorldWideMarkets

 

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