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West Texas Intermediate oil fell to a six-week low after U.S. crude inventories extended a record high. Brent declined on signs of a Chinese economic slowdown.
Oil Futures fell as crude stockpiles gained 1.7 million barrels last week to 399.4 million, the most since the Energy Information Administration began reporting weekly data in 1982 and China’s manufacturing grew less than economists estimated in April
The Chinese Purchasing Managers’ Index was at 50.4, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing, less than the 50.5 median estimate. China is the biggest crude-consuming country after the U.S.
U.S. jobless claims rose by 14,000 to 344,000 in the week ended April 26, the highest level since Feb. 22, the Labor Department said today. The median forecast was 320,000.
WTI for June delivery dropped 0.48%, to $99.26 a barrel on the New York Mercantile Exchange.
Brent for June settlement declined $0.43, or 0.4 %, to $107.65 a barrel on the London-based ICE Futures Europe exchange.
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