NEW YORK: Brent crude oil hovered around $ 100 a barrel in choppy trading after weaker-than-expected manufacturing data from China and Germany darkened the outlook for fuel demand.
The flash HSBC Purchasing Mana-gers’ Index for April fell to 50.5 in April from 51.6 a month earlier as new export orders shrank in China.
The PMI’s 50-point level divides growth from contraction from the month before.
The data followed lower-than-expected GDP growth for China in the first quarter which helped spark a sharp sell-off last week.
June Brent crude fell by more than $ 1.50 but recovered to trade up 5 cents at $ 100.44 by 1806 GMT. US crude for June delivery was down 3 cents at $89.16.
Shortly after 1700 GMT, a bogus post reporting two explosions in the White House on the Associated Press Twitter account sent US stock, oil, and Treasuries markets down sharply before bouncing back in a matter of minutes or seconds. Gold briefly surged up before trading lower.
“It puts into perspective our increasing dependence on technology and communications,” said Bill Baruch, senior market strategist at iitrader.com in Chicago.
