Oil futures slip to begin March, weighed down by industry data showing another large jump in U.S. crude inventories.
Oil futures slipped to begin March, after an industry group reported another large jump in U.S. crude inventories, outweighing a round of upbeat data on economic activity in China.
Price action Market drivers The American Petroleum Institute late Tuesday reported a 6.2 million barrel increase in U.S. crude supplies last week, according to a source citing the figures. Gasoline inventories were down 1.8 million barrels, while distillates fell 341,000 barrels. Meanwhile, China’s official manufacturing purchasing managers index rose to 52.6 in February from January’s 50.1, according to the National Bureau of Statistics. The result topped the 50.5 expected by economists polled by The Wall Street Journal.
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