West Texas Intermediate (WTI) crude traded near the lowest price in nearly three weeks on Wednesday, trimming previous gains as the market focus on the stockpiles data due to be released may signal the strength of fuel demand in the US, the world’s biggest oil consumer.
The upbeat Chinese manufacturing data boosted the US benchmark West Texas Intermediate (WTI) futures to $106.06 during the European midday trading hours, before falling during the North American session.
Futures for the West Texas Intermediate (WTI) fell 0.29% lower at $105.07 a barrel on the New York Mercantile Exchange at the time of writing. While the European benchmark Brent crude eased 0.21% at $112.11 a barrel on the ICE Futures Europe exchange based in London.
China
China’s Purchasing Mangers’ Index (PMI) climbed to 51 points in June, the highest level in six months, meeting in line with estimates and compared to the previous reading of 50.8 in May, the National Bureau of statistics and China Federation of Logistics and Purchasing said on Tuesday. HSBC’s purchasing managers’ index rose to 50.7 in June from 49.4 recorded in the previous month. Meanwhile export orders climbed for the second consecutive month.
Crude – Iraq
The Islamist State in Iraq and Syria (ISIS) – affiliated groups operating in the northern region of Iraq have not affected the oil production in the region, according to reports from the Wall Street Journal.
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While the southern Iraq’s oil production level of 3.3 million barrels a day have remained consistent despite the crises in the north.
The season’s first tropical storm Arthur in the US is forecasted to strengthen into a hurricane in the next couple of days and could weigh on oil demand. The storm was 90 miles east-southeast of Cape Canaveral, Florida and maximum winds of 50 miles per hour, the National Hurricane Center in Miami said on Tuesday.
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