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The price of oil fell moderately today , as studies have indicated a contraction in activity in the manufacturing sector in China . Meanwhile, adding that signs of progress in the restoration of oil production in Libya outweighed rising tensions in Ukraine.
As it became known , purchasing managers index for the manufacturing sector in China rose in April to 48.1 points from 48 points in March, according to final data HSBC and Markit Economics. 4 months it is below 50 points , indicating that the reduction of business activity in the sector. Preliminary the April value was 48.3 points, and economists on average expected a revision to increase to 48.4 points.
" On the importance of the Chinese market pushes PMI», said analyst John Kilduff Again Capital . " Any data on China's economic slowdown is a negative factor for the stock oil as largely due to the country's growing demand for fuel ."
Meanwhile, adding that tensions in Ukraine has limited price reductions. Army and pro-Russian Ukrainian militants continued to fight in the weekend , resulting in intensified fears that the crisis will grow and involve the United States in opposition .
It should be noted that the escalation of tensions in Ukraine is of great importance for the energy markets . Russia said it will cut natural gas supplies to Ukraine in June , if not get the money in May. In such a scenario may suffer energy supplies to the European Union. Third used EU gas comes from Russia , with almost half of it goes through Ukraine. Russia also funneling oil through Ukraine to the countries of Eastern Europe.
June futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 99.42 a barrel on the New York Mercantile Exchange (NYMEX).
June futures price for North Sea Brent crude oil mixture fell $ 1.18 to $ 107.35 a barrel on the London exchange ICE Futures Europe.
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