“The news that
a port in Libya is about to reopen, along with the increase in Middle Eastern
production, is putting Brent under pressure,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The
fundamentals don’t support these prices so we should see them continue to move
lower. WTI should soon test $100.”
Russian crude
and condensate output climbed to 10.53 million barrels a day in May, up 0.6
percent from a year earlier, according to data e-mailed from the Energy
Ministry. Condensate is a high-value, light petroleum liquid commonly found in
association with natural gas.
China’s PMI
(CPMINDX) increased to 50.8 in May,
the National Bureau of Statistics and China Federation of Logistics and
Purchasing in Beijing reported yesterday. The PMI is the highest since December
and surpasses the median estimate of 50.7 in a Bloomberg News survey of
economists. April’s level was 50.4, with readings above 50 indicating expansion.
The nation will
account for about 11 percent of global oil demand this year, compared with 21
percent for the U.S., forecasts from the International
Energy Agency in Paris show.
Culled from bloomberg.com
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