Crude-oil futures erased early losses and moved higher in Asian trade Thursday as markets weighed stronger Chinese manufacturing data and a further decline in U.S. oil storage levels. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at $59.14 a barrel at 0240 GMT, up $0.16 in the Globex electronic session. July Brent crude on London’s ICE Futures exchange rose $0.24 to $65.27 a barrel. The preliminary HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, edged up to 49.1 in May, compared with a final reading of 48.9 in April, HSBC Holdings PLC said. The PMI was however weaker than the expected forecast of 49.3, according to a Reuters poll. “Today’s PMI reading suggests that downward pressure on growth may now be starting to ease,” Julian Evans-Pritchard, economist at Capital Economics said. He said the recovery […]