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MTECHTIPS:-Crude erases gains stemming from strong U.S. factory data
Crude oil futures fell in Asian trading on Wednesday, as investors sold the commodity for profits after the asset soared on stronger-than-expected manufacturing data coming out of the U.S.On the New York Mercantile Exchange, light, sweet crude futures for delivery in June traded at USD105.88 a barrel, down 0.26%, off from a session high of 106.04 and up from an earlier session low of USD105.79.The U.S. economy received a welcome shot in the arm earlier.The U.S. Institute for Supply Management reported that its April manufacturing purchasing managers’ index surged to 54.8 in April from 53.4 in March and well above market forecasts for a reading of 53.0.The news erased concerns the U.S. economy was hitting a soft patch as evidenced by weak first quarter gross domestic product number and a dismal March jobs report, which revealed the economy added a net 120,000 nonfarm payrolls.
Crude oil futures fell in Asian trading on Wednesday, as investors sold the commodity for profits after the asset soared on stronger-than-expected manufacturing data coming out of the U.S.On the New York Mercantile Exchange, light, sweet crude futures for delivery in June traded at USD105.88 a barrel, down 0.26%, off from a session high of 106.04 and up from an earlier session low of USD105.79.The U.S. economy received a welcome shot in the arm earlier.The U.S. Institute for Supply Management reported that its April manufacturing purchasing managers’ index surged to 54.8 in April from 53.4 in March and well above market forecasts for a reading of 53.0.The news erased concerns the U.S. economy was hitting a soft patch as evidenced by weak first quarter gross domestic product number and a dismal March jobs report, which revealed the economy added a net 120,000 nonfarm payrolls.
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