Crude oil futures settled 1.9% lower on Tuesday as US stocks pulled back and fears about Europe’s debt and a slowdown in China’s growth hurt market confidence.Light crude oil for July delivery fell $1.39 to $72.58 a barrel on the New York Mercantile Exchange.
Concern about a slowdown in global demand chipped away at oil futures, in a volatile session, overshadowing a string of upbeat US economic reports.
Oil prices started the session lower as traders worried about weaker than anticipated data on Chinese manufacturing. China’s Purchasing Managers’ index fell to 53.9 in May from 55.7 in April.
Data from the US showed improvements in manufacturing and a 2.7% increase in US construction spending during April, the largest increase for nearly six years.
Focus was also on BP as its share price plunged 15% on concern about failed attempts to plug its leaking oil well.
Among precious metals gold continued its winning streak as it benefited from safe haven buying. China’s slower than expected manufacturing data, the weaker euro and concerns over euro-zone debt problems played on investor confidence.
Comex gold for August delivery rose $11.90 to settle at $1,226.90 an ounce.
| Name | Price | 1 Day Change | 1 Day % Change | Units |
|---|---|---|---|---|
| Gold | $1,227.75 | +$20.25 | +1.68% | $/troy oz |
| Silver | $18.30 | -$0.23 | -1.24% | $/troy oz |
| Cattle | 144.73p | 0.000p | 0.00% | p/kg |
| Pigs | 145.46p | 0.000p | 0.00% | p/kg |
| Lamb | 198.90p | 0.000p | 0.00% | p/kg |
| Brent Crude | $73.63 | -$0.75 | -1.01% | $/barrel |
| Krugerrand | $1,274.40 | +$19.30 | +1.54% | $/troy oz |
| Palladium | $457.00 | -$14.00 | -2.97% | $/troy oz |
| Platinum | $1,550.00 | -$5.00 | -0.32% | $/troy oz |
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