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Oil prices fell; Chinese manufacturing data exceeded support

Oil prices fell; Chinese manufacturing data exceeded support

Oil prices fell as concerns over the economic impact of the US Fed potentially raising interest rates and weak Chinese production reports outweighed support for OPEC+ supply cuts.

The Fed meets in the first week of May and is expected to raise interest rates by another 25 basis points. The US dollar advanced against a basket of currencies, pushing up oil prices for holders of other currencies.

Brent crude was down 97 cents, or 1.22%, at $79.37 a barrel, while US West Texas Intermediate was down $1.44, or 1.92%, at $75.35. trade in dollars.

China’s weak economic reports were also in the spotlight. China’s manufacturing purchasing managers’ index fell to 49.22 from 51.92 in March, falling below the 50-point gauge that separates expansion and contraction in activity every month.

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Russia halts gas supply to Armenia

Russia has temporarily suspended gas supplies to Armenia for 4 days to perform scheduled maintenance on the main gas pipeline.

Russia is Armenia’s main gas supplier, with 2.65 billion cubic meters delivered last year.

Gazprom Armenia – a Russian state-controlled gas giant Gazprom subsidiary – said it temporarily suspends gas exports.

Work to fix a section of the North Caucasus-Transcaucasia gas pipeline located in Russia’s Stavropol region in the south was underway. It would draw on its reserves to supply gas to customers in Armenia during the upcoming period.

The post Oil prices fell; Chinese manufacturing data exceeded support appeared first on FinanceBrokerage.

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