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MTECHTIPS:-Crude oil futures slip lower after weak euro zone data
Crude oil futures were lower in European morning trade on Wednesday, following weak data out of the euro zone, while markets looked ahead to U.S. government data on inventory levels later in the day.On the New York Mercantile Exchange, light, sweet crude futures for delivery in June traded at USD105.72 a barrel, shedding 0.46%.Oil prices weakened after final euro zone manufacturing data for April came in weaker-than-expected, with the manufacturing purchasing managers’ index slumping to a 34-month low of 45.9 in April, down from 47.7 in March and below the preliminary estimate of 46.0.German manufacturing output fell at the fastest rate since July 2009, with its manufacturing PMI tumbling to 46.2, from 48.4 in March, while a separate report showed that the German unemployment rate also rose last month.The data overshadowed more robust manufacturing reports from China and the U.S. amid renewed concerns over the outlook for global economic growth.
Crude oil futures were lower in European morning trade on Wednesday, following weak data out of the euro zone, while markets looked ahead to U.S. government data on inventory levels later in the day.On the New York Mercantile Exchange, light, sweet crude futures for delivery in June traded at USD105.72 a barrel, shedding 0.46%.Oil prices weakened after final euro zone manufacturing data for April came in weaker-than-expected, with the manufacturing purchasing managers’ index slumping to a 34-month low of 45.9 in April, down from 47.7 in March and below the preliminary estimate of 46.0.German manufacturing output fell at the fastest rate since July 2009, with its manufacturing PMI tumbling to 46.2, from 48.4 in March, while a separate report showed that the German unemployment rate also rose last month.The data overshadowed more robust manufacturing reports from China and the U.S. amid renewed concerns over the outlook for global economic growth.
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