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Crude futures holds near 5-month highs, China factory activity falls

Crude futures remained close to the highest level in almost 5 months on Monday, as weak data from China factory reinforced expectations that the authorities in Beijing will need to enter fresh stimulus measures to revive the economy amid mediocre growth. London Brent crude fell to $ 66 a barrel as supplies near record OPEC producers boosted worries about the oversupply.

Brent June crude futures dropped 24 cents to $66.22 a barrel by 0238 GMT, after hitting its 2015 peak of $66.93 on April 30.

On the New York, WTI June Crude futures declined 35 cents to $58.80 a barrel, after hit its highest this year at $59.90 on May 1.

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The data published previously showed that Chinese manufacturing activity shrank at the fastest pace in a year, in April, adding to worries about a slowdown in the world’s second largest economy.

HSBC final index of purchasing managers in China  manufacture ‘slipped to 48.9 in April, down from a preliminary reading of 49.2 and 49.6 versus the month before.

“Data from China is weaker, but it appears that the petroleum market has had a limited reaction. What the market really wants to see is the offering being cut to match the with demand”, said market experts.

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