BANGKOK (AP) — The price of oil fell below $93 today after data showed a slowdown in China's manufacturing growth.
Benchmark oil for June delivery was down 72 cents to $92.74 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.04 to finish at $93.46 per barrel on Tuesday in anticipation of another increase in U.S. crude supplies.
The China Federation of Logistics and Purchasing, an industry group, released data today showing that manufacturing grew at a slower pace in April and that export orders had been declining steadily. The federation's purchasing managers' index fell to 50.6 in April from 50.9 in March. On a 100-point scale, numbers above 50 indicate an expansion.