Oil changes little as housing offsets China data

Oil fell slightly Tuesday, as a Chinese manufacturing slowdown offset positive U.S. housing news. Benchmark oil for June delivery fell 1 cent to finish at $89.18 a barrel on the New York Mercantile Exchange.
Modified: April 23, 2013 at 9:35 pm •  Published: April 24, 2013
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In brief

Oil falls slightly

Oil fell slightly Tuesday, as a Chinese manufacturing slowdown offset positive U.S. housing news.

Benchmark oil for June delivery fell 1 cent to finish at $89.18 a barrel on the New York Mercantile Exchange.

A report from HSBC Corp. showed growth in China's manufacturing sector was less than expected, raising concerns that oil demand could weaken there.

Platts, the energy information arm of McGraw-Hill Cos., said Tuesday that China's oil demand was up about 2 percent in March from a year ago and first-quarter demand was up 3.5 percent from the same period a year ago. A report showing that U.S. sales of new homes rose in March to a seasonally adjusted annual rate of 417,000 buoyed oil prices.

Oil dropped in the early afternoon, then recovered, after The Associated Press disavowed a tweet posted by hackers.

Associated Press