Crude oil price waxed and waned yesterday as both macroeconomic environment and industry fundamentals were mixed. Despite a brief recovery to 76.41 in European morning, as funding conditions in the Eurozone appeared better than previously anticipated, the front-month contract for WTI crude oil plunged to as low as 74.39 in NY session as both gasoline and distillate stockpile surged last week. The contract ended the day at 75.63, down -0.41%. WTI crude fell -9.7% on the second quarter and -5% year-to-date. Today in Asia, price broke below 75 again as Chinese PMI was disappointing.
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Crude Weakens in the Beginning of 2H10, Chinese PMI Disappoints
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