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WTI crude oil struggles near $72.00 as Saudi Arabia-led upside fades amid downbeat US data, mixed sentiment

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WTI crude oil struggles near $72.00 as Saudi Arabia-led upside fades amid downbeat US data, mixed sentiment – by anilpanchal7 Oil WTI OPEC SaudiArabia Commodities

bears the burden of the downbeat US activity data while teasing sellers ahead of the private Oil inventory report.

On the contrary, the US ISM Services PMI declined to 50.3 for May versus 51.5 expected and 51.9 prior whereas growth of the Factory Orders also deteriorated during the stated month to 0.4% versus 0.5% market forecasts and 0.9% previous readings. It should be noted that the final readings of S&P Global Composite PMI and Services PMI also marked softer figures for May.

 

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