Oil prices steady after rallying on US stock decline, business data

📆 05/02/1403 02:57 ب.ظ
📰 globeandmail

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Oilprice اخبار

Energy

Brent crude futures fall 24 cents, or 0.27%, to $88.18 a barrel by 1024 GMT. U.S. West Texas Intermediate crude futures lose 33 cents, or 0.4%, to $83.03 a barrel

Oil prices steadied above $88 a barrel on Wednesday after rallying in the previous session on a surprise fall in U.S. crude stocks and a drop in business activity in the world’s largest oil consumer.

That reversed some of Brent’s roughly 1.6% gain from the previous session, when the market was also buoyed by a weaker U.S. dollar and as investors dialled down concerns over conflict in the Middle East. U.S. business activity cooled in April to a four-month low, with S&P Global saying on Tuesday that its flash Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to 50.9 this month from 52.1 in March.

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