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Oil slightly lower after OPEC meeting

CommoditiesJun 02, 2013 08:44PM ET
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Investing.com - Oil futures traded slightly lower in the early part of Monday’s Asian session following a meeting of the Organization of Petroleum Exporting countries last Friday.

On the New York Mercantile Exchange, light, sweet crude futures for July delivery fell 0.36% to USD91.64 per barrel in Asian trading Monday. Oil plunged 2.1% in U.S. trading last Friday amid a slew of data points.

n U.S. economic news, the Commerce Department said consumer spending fell 0.2% last month and the March reading was revised lower to show a gain of just 0.1%. Excluding food and energy expenditures, consumer spending was flat last month.

The Thomson Reuters/University of Michigan's final reading of May consumer sentiment jumped to to 84.5 from 76.4 in April. That was the best reading since April 2007 and beat economists’ expectations for a reading of 83.7.

Chicago PMI surged to 58.7 in May from 49 in April, easily topping economists’ expectations for a reading of 50. Readings above 50 indicate expansion.

Over the weekend, China’s National Bureau of Statistics said the country’s official PMI for May rose to 50.8 from 50.6 in April. That topped the 50.1 reading economists expected. Readings above 50 indicate expansion.

The official services PMI and focusing on smaller private sector companies are due to be released later Monday.

Also on Friday, OPEC kept its output target unchanged at 30 million barrels per day, disappointing traders that were hoping for a reduction that would help boost prices. The 12 OPEC member states account for about 40% of global oil output.

Meanwhile data from one of the world’s largest non-OPEC producers, Russia, showed that country pumped 10.48 million barrels per day last month.

Elsewhere, Brent for July delivery fell 0.19% to USD99.92 per barrel on the ICE Futures Exchange.

Oil slightly lower after OPEC meeting

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