US manufacturing, services PMIs fall in May Beijing COVID-19 flare-up prompts lockdown concerns Tight global supply holds floor under prices Crude futures settled mixed May 24 as the market weighed demand concerns fueled by weak US economic data and an uptick in Chinese COVID-19 cases against tight global supply outlooks.
NYMEX July WTI settled down 52 cents at $109.77/b while ICE July Brent climbed 14 cents to $113.56/b. Oil prices saw headwinds early in US trading after selling pressure resumed in equity markets on the heels of weaker than expected US economic data. The S&P Global Commodity Insights flash services PMI for May fell to 53.5 compared with 55.6 in April, while the flash manufacturing sector PMI dropped 1.7 points to 57.5 in May, a three-month low. “The flash PMI readings showed a sharper deceleration […]