Oil prices eased in Asia today, hit by disappointing manufacturing data and a pipeline closure in the United States, analysts said.
New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in
May, shed 15 cents to USD 96.92 a barrel and Brent North Sea crude for May dropped 12 cents to USD 110.96.
The Institute for Supply Management yesterday said its US manufacturing index fell to 51.3 in March
from 54.2 in February. While anything above 50 indicates growth, the slower pace raised concerns about
the recovery in the economy.
Other analysts said the closure of ExxonMobil's Pegasus pipeline in Arkansas following a rupture Friday
also sparked fears that crude oil supply will back up in the US MidWest.
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