News / Business

Crude down on weak Chinese factory data, ample US supplies

Monday, 04 May 2015 4:44 PM [ Last Update: Monday, 04 May 2015 6:17 PM ]

Crude prices have declined after hitting 2015 high above $67 per barrel.

Crude prices have declined after hitting 2015 high above $67 per barrel on ample US crude oil supplies and weak Chinese factory activity.

Light, sweet crude for June delivery recently lost 40 cents to $58.75 a barrel on the New York Mercantile Exchange.

Brent, the global benchmark, fell 29 cents to $66.17 a barrel.

Crude Prices jumped to five-month highs earlier in the session over signs of stronger economic growth in the eurozone.

Some analysts blamed weak Chinese factory activity as well as ample current supplies for the slipping oil prices.

Oil prices declined in weekend trading after Iraq's Ministry of Petroleum announced its crude oil exports have hit a record in April.

Crude prices plummeted nearly 60 percent between June and January as a result of a global supply glut and ramped up production.

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