Oil........
futures slipped in tandem with the Asian equities after the China manufacturing activity slowed further in July.
NYMEX light sweet crude oil futures for September delivery are trading down 18 cents at $ 107.05 per barrel in the electronic trading. Yesterday, it ended up 29 cents, or 0.3%, to settle at $107.23 a barrel on the New York Mercantile Exchange.
Most major Asian markets retreated Wednesday after a gauge of Chinese manufacturing dropped to a 11-month low, with Japanese shares falling on a firmer yen and a pullback in the Standard & Poor’s 500 Index.
China’s Shanghai Composite lost 1.3%, extending losses as investors digested preliminary data released by HSBC, showing China’s manufacturing Purchasing Managers’ Index slid to 47.7 in July from a final reading of 48.2 in June.
On Tuesday, a Platts report showed a jump in China’s oil demand. China’s apparent oil demand climbed by 11.7% to average 9.99 million barrels per day according to a Platts analysis of Chinese government data released Tuesday. Apparent demand for oil in June was the highest since February 2011.
The American Petroleum Institute said supplies fell 1.4 million barrels for the week ended July 19. A Platts analyst survey showed a forecast for a 2.6 million-barrel decline. The API reported gasoline stockpiles down roughly 900,000 barrels and distillate supplies down by about 700,000 barrels.
MCX August crude oil futures may open today’s session near Rs 6370 levels with support near Rs 6340 levels.
Source by Commodity Insights
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