WTI Fluctuates Near Four-Month Low as China Manufacturing Gains

West Texas Intermediate swung between gains and losses near a four-month low as a jump in a Chinese manufacturing index countered concerns about rising crude supplies in the U.S., the world’s biggest oil consumer.

Futures fluctuated in New York after capping a 5.8 percent drop in October, the most in a year. China’s Purchasing Manager’s Index (CPMINDX) was 51.4 for October, the highest in 18 months and more than the median estimate of 51.2 in a Bloomberg News survey of economists. Prices are poised for a fourth weekly decline amid an increase in U.S. crude stockpiles.

WTI for December delivery was at $96.32 a barrel in electronic trading on the New York Mercantile Exchange, down 6 cents at 12:44 p.m. Sydney time. The contract fell 0.4 percent to $96.38 yesterday, the lowest since June 26. The volume of all futures traded was about 73 percent below the 100-day average. Prices are down 1.6 percent this week.

Brent for December settlement was up 6 cents at $108.90 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $12.58 to WTI futures, compared with $12.46 yesterday.

(Source: Bloomberg)