Oil Drops Below $94 On Weak China Data
Published 2013-05-23 08:17:39| Amwal Al Ghad English
Weak Chinese manufacturing data and a drop in Asian stocks helped send oil futures lower in electronic trade Thursday. Crude for July delivery fell over $1 or 1.2% to $93.18 a barrel, after preliminary results from HSBC’s monthly survey of Chinese factory activity showed an unexpected contraction. London-traded Brent crude oil for July delivery surrendered 91 cents, or close to 1%, to $101.69 a barrel. HSBC’s “flash” Purchasing Managers’ Index for May fell to a seven-month low of 49.6, down from April’s final reading of 50.4. Asian stocks fell sharply after the data, with the main indexes in Hong Kong, Sydney and Taipei all more than 1% lower. In Japan, volatility in the government bond market prompted central-bank action and sent the Nikkei Stock Average tumbling 7.3% by the close, the worst one-day loss since March 2011. The loss for oil extended the futures’ mugging on Wednesday, when the New York Mercantile Exchange floor session saw July crude plunging 2%, while the Brent contract retreated 1.3%.
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Get To Know
Yehia Hamed Abdel Samea was named on May 7th as Egypt’s new minister of Investment, succeeding Dr. Osama Saleh. Early Life & Education: Born in 1978, Abdel Samea graduated from the Faculty of Al-Alsun (Foreign Languages) in 1999. He has obtained his master’s in Public Administration, from the Arab Academy for Science and Technology. The new minister has also obtained a Sales Diploma from the American University in Cairo (AUC). Abdel Samea was active in some of community service organizations mainly working on learning youth and micro financing. Early Career: Abdel Samea is Advisor for the Egyptian presidency for projects management and governmental co ordination. He is also a co-founder of the foreign relations committee, of the Muslim Brotherhood’s political party Freedom and Justice (FJP).
The table below shows the exchange rates of the Arab and foreign currencies against the Egyptian pound on early Thursday:
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