China is one of the major importers of crude oil in the global market, and weak manufacturing data from the country is likely to impact demand for commodities such as crude oil
Crude oil futures traded lower on Wednesday morning after China posted weak manufacturing data for April.
At 9.58 am on Wednesday, July Brent oil futures were at $62.53, down by 1.19 per cent, and June crude oil futures on WTI (West Texas Intermediate) were at $59.63, down by 1.31 per cent. May crude oil futures were trading at ₹5100 on Multi Commodity Exchange (MCX) during the initial hour of trading on Wednesday against the previous close of ₹5,176, down by 1.47 per cent, and June futures were trading at ₹5,070 against the previous close of ₹5,146, down by 1.48 per cent.
According to National Bureau of Statistics (NBS) of China, manufacturing PMI of that country declined to 49.0 in April from 50.5 in March.
Market was expecting manufacturing PMI to be 49.8 in April. Market reports said that April’s data indicated the first contraction in factory activity since January. It was the steepest decline since December 2023. China had recorded a 12-month high data of 50.5 in March.
It is to be noted here that China had implemented stimulus measures to support economic recovery in the past few months.
Meanwhile, China’s NBS data showed that non-manufacturing PMI declined to 50.4 in April from 50.8 in March. Market was expecting it to be 50.7.
China is one of the major importers of crude oil in the global market, and weak manufacturing data from the country is likely to impact demand for commodities such as crude oil.
The latest data compiled by the industry body American Petroleum Institute (API) showed an increase in the crude oil inventories in the US for the week ending April 25. According to API, crude oil inventories in the US increased by 3.76 million barrels for the week ending April 25. Market was expecting an increase of 0.390 million barrels during the period.
May natural gas futures were trading at ₹286.50 on MCX during the initial hour of trading on Wednesday against the previous close of ₹287, down by 0.17 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), May guarseed contracts were trading at ₹5,000 in the initial hour of trading on Wednesday against the previous close of ₹5013, down by 0.26 per cent.
May turmeric (farmer polished) futures were trading at ₹13,848 on NCDEX in the initial hour of trading on Wednesday against the previous close of ₹13,772, up by 0.55 per cent.
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Published on April 30, 2025
