Weekly Fundamentals - Oil Slumped on Supply Concerns and US Recovery
LorieFuller31Oil prices extended slump on Friday amid weaker than expected US payroll data. Concerns over the recovery momentum of the US and reemergence in sovereign debt problems in the Eurozone have weighed on commodity prices. Although the US ISM manufacturing data remained firm, rising +1.4 points to 54.8 in April, compared with consensus of 53, the manufacturing PMI in the UK unexpectedly fell to 50.5 in April, compared with market expectations of 53.
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Weekly Fundamentals - Oil Slumped on Supply Concerns and US Recovery
