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Brent oil plunges from a one-week high in London and West Texas Intermediate dropped following a benchmark of factory production in China shrank for third consecutive months.
European and US futures slipped 0.4%. A preliminary China purchasing managers’ index for March from HSBC Holdings Plc. and Markit Economics dipped 48.1. Germany, the euro zone, and the US also released today manufacturing indicators for this month. Brent and WTI climbed on March 21 following Russia finished annexing Crimea from Ukraine.
Brent for May settlement decreased 47 cents to $106.45 per barrel on the London-based ICE Futures Europe exchange and settled at $106.64 at 3:12 p.m. in Singapore. Futures ascended 47 cents on March 21 to $106.92, the highest since March 14. Prices fell 3.8% this year.
WTI to be delivered in May declined 41 cents to $99.05 per barrel in electronic trading on the New York Mercantile Exchange. The volume of all contracts listed was around 40% below the 100-day average. The US reference point was at a discount of $7.35 to Brent.
