Crude edges down in Asia on Caixin PMI

Crude edges down in Asia on Caixin PMI

On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone.

In New York, June delivery crude futures sagged 0.20%, trading at $48.74 a barrel, while in London, Brent crude futures slumped 0.14%, demonstrating $51.45 a barrel.

The American Petroleum Institute’s about to unveil its estimates of crude as well as refined product stocks after the market close in America on Tuesday. On Wednesday, it will be followed by the Energy Information Administration with official data.

Overnight, crude futures went down, after Libya stepped up output, while concerns resurfaced that ascending American output would compensate an OPEC-led deal to tame the global glut in supply.

Crude prices contributed to losses sustained in April because Libya drove oversupply worries after output rebounded to the highest value since 2014. 

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