Oil prices fall to roughly 93 cents a barrel on Chinese manufacturing report

6:07 AM, May 1, 2013   |    comments
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BANGKOK (AP) - The price of oil fell to near $93 on Wednesday after data showed a slowdown in China's manufacturing growth.

Benchmark oil for June delivery was down 45 cents to $93.01 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.04 to finish at $93.46 per barrel on Tuesday in anticipation of another increase in U.S. crude supplies.

The China Federation of Logistics and Purchasing, an industry group, released data showing that manufacturing grew at a slower pace in April and that export orders had been declining steadily. The federation's purchasing managers' index fell to 50.6 in April from 50.9 in March. On a 100-point scale, numbers above 50 indicate an expansion.

 

 

 

 

 

Associated Press

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