CRUDE OIL SHOWS SIGNS OF CONSOLIDATION ON MONDAY
DATE: 23/04/2012
Crude oil prices showed signs of consolidation on Monday as it gyrated around previous closing levels as investors overlooked the Chinese manufacturing PMI data, which indicated industrial activity gained some momentum in April but still remained below the level that signifies expansion for the sixth straight month. The upside in oil prices remained capped amid lingering worries over the Euro-zone debt crisis. Meanwhile, reports showed Iran's crude exports slipped to 2.1 million barrels per day (bpd), compared with an average of 2.3 million bpd in the last Iranian year that ended on March 19.
Benchmark crude for June delivery eased $0.08 to $103.80 a barrel on the New York Mercantile Exchange. In London, June delivery Brent crude rose $0.04 to $118.80 a barrel on the ICE.
POWERED BY: COMMODITY INSIGHTS
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