U.S. crude-oil futures were seen lower as the market grappled with weak manufacturing-activity figures from China, an increase in U.S. oil supply and signaling by the Federal Reserve that a reduction in monetary stimulus is in sight. Both NYMEX and ICE Brent crude futures were closed mixed last night and declined this moring.
WTI for July delivery, which expires today, declined as much as $1.78 to $96.46 a barrel in electronic trading on the New York Mercantile Exchange. The volume of all futures traded was 87 percent above the 100-day average. Prices decreased 20 cents to $98.24 yesterday. The more actively traded August contract was down $1.75 at $96.73 at 2:45 p.m. Singapore time.
Brent for August settlement on the London-based ICE Futures Europe exchange lost as much as $1.84, or 1.7 percent, to $104.28 a barrel. The European benchmark grade was at a premium of $7.71 to WTI futures, compared with $7.64 yesterday.