@@ CRUDE OIL : Oil Extends Decline In Asia Crude oil futures extended decline in the Asia electronic trades today with the disappointing China manufacturing data and weak start to the equities hurting the commodity. Asian stock markets traded mostly weaker Thursday, with a soft lead from Wall Street and a drop in metals futures helping drag on sentiment. In early trading, Japan’s Nikkei Stock Average lost 0.7%, Australia’s S&P/ASX 200 fell 0.3%, Hong Kong’s Hang Seng Index retreated 0.2%, and South Korea’s Kospi slipped 0.1%. The “flash” version of the HSBC manufacturing Purchasing Managers’ Index dropped to an 11-month low. But following the data, China’s cabinet late Wednesday said it would cut taxes for small businesses and seek to aid some exporters, while also increasing state investment in railways. Oil for September delivery is trading down 56 cents at $ 104.83 per barrel on the New York Mercantile Exchange. It dropped $1.84, or 1.7%, to settle at $105.39 a barrel. The settlement was the lowest for a most-active contract since July 11. The Energy Information Administration reported a 2.8 million-barrel fall in crude stockpiles for the week ended July 19. Analysts polled by Platts were looking for a 2.5 million-barrel decline. The American Petroleum Institute late Tuesday had reported a fall of 1.4 million barrels. Based on the EIA data, crude supplies have tallied a four-week drop of 29.9 million barrels. Still, at a total of 364.2 million barrels as of last week, they stand at the upper half of the average range for this time of year, according to the EIA. MCX August crude oil futures trading near Rs 6240 levels with support near Rs 6200-6170 levels.
Posted on: Thu, 25 Jul 2013 04:37:34 +0000
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