Crude-oil futures drifted between gains and losses in Asian trading hours Thursday as markets assessed positive Chinese manufacturing data and geopolitical tensions in Ukraine. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at $103.94 a barrel at 0544 GMT, down $0.13 in the Globex electronic session. July Brent crude on London’s ICE Futures exchange fell $0.12 to $110.43 a barrel. The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, rose to 49.7 in May, compared with a final reading of 48.1 in April. The data suggest that downward pressure on the manufacturing sector has eased markedly, Capital Economics said in a report. “It provides further evidence that stronger external demand, along with the rebound in infrastructure investment, is helping to moderate the pace of China’s economic slowdown,” it added. Meanwhile, investors are becoming cautious with the Ukrainian […]