Crude Tumbles Most in More Than a Month on U.S. Output - Bloomberg:
"West Texas Intermediate crude fell the most in more than a month as U.S. output surged to a 22-year high last week and Chinese manufacturing contracted more than economists estimated.
Futures slid 1.7 percent after the Energy Information Administration said crude production rose 0.9 percent to 7.56 million barrels a day, the most since December 1990. Crude and fuel supplies declined, the report showed. The HSBC Holdings Plc and Markit Economics China manufacturing gauge came in at 47.7, according to a preliminary survey of purchasing managers. Analysts surveyed by Bloomberg forecast 48.2.
“There were good-sized supply draws but we still have a surplus,” said Tim Evans, an energy analyst at Citi Futures Perspective in New York. “We aren’t going to see a deficit anytime soon. The market has been paying a lot of attention to China recently so the weak Chinese data is also relevant.”"
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