Crude prices head south on high stocks

Crude prices head south on high stocks

On Monday, crude prices sagged, undermined by a poor manufacturers poll out of China and notwithstanding that OPEC-led crude output cuts could be extended when crude producers have a meeting later this month.

June delivery NYMEX crude futures CLc1 sagged 10 cents, being worth $49.23 a barrel.  As for London July delivery Brent crude futures lost 13 cents, hitting $51.92.

Also applying pressure on prices was April’s faster than expected slowdown of surge in China's manufacturing sector. Sunday’s official survey revealed that producer price inflation cooled, while policymakers' efforts to curtain financial risks in the Chinese economy applied pressure on demand.

It turned to be the third consecutive week that the crude price has started lower. Inventories were still high, while the market is still stuck in the rut that it dropped in to 2014 when global oversupply emerged.

On Saturday, Iran's crude minister told that OPEC as well as non-OPEC countries had demonstrated upbeat signals for an extension of output drops, which Tehran would also underpin. 

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