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Oil prices tumble on disappointing China data

2013-07-25 13:26 Xinhua Web Editor: qindexing

Oil prices slumped Wednesday on worse-than-expected Chinese manufacturing data of July.

The preliminary purchasing managers' index (PMI) of China dropped to 47.7 in July, down from a final 48.2 in June and the lowest in 11 months, an HSBC report showed Wednesday.

A PMI reading above 50 indicates growth, while a reading below 50 indicates contraction. The PMI data suggested that China's manufacturing operating conditions deteriorated at the quickest pace since last August.

Meanwhile, the US Energy Information Administration said crude supplies continued to fall last week. US crude inventories shrank 2.8 million barrels to 364 million barrels for the week to July 19. Analysts expected a drop of 2.7 million barrels.

US economic data came in generally positive. Financial information company Markit said Wednesday the US Manufacturing Purchasing Managers' Index picked up to 53.2 in July, marking a four-month high.

US new residential sales in June increased 8.3 percent to a seasonally adjusted annual rate of 497,000 from the revised May rate of 459,000, the US Commerce Department said Wednesday.

Light, sweet crude for September delivery lost 1.84 US dollars, to settle at 105.39 dollars a barrel on the New York Mercantile Exchange.

Brent for September delivery went down 1.23 dollars, to close at 107.19 dollars a barrel.

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