The price of oil was little changed near $102 a barrel Monday ahead of a Chinese manufacturing report
Benchmark U.S. crude for May delivery was down 4 cents to $101.63 a barrel in overnight electronic trading on the New York Mercantile Exchange. The contract rose 39 cents Friday to settle at $101.67 and for the week gained 2 percent, propelled by signs of stronger economic growth in the U.S. and global supply concerns.
China is set to release official manufacturing figures for March on Tuesday that could cement expectations for new stimulus in the world’s second-biggest economy.
Another survey released last week showed manufacturing at an eight-month low in March, which suggested China’s economy is continuing to slow. Growth of 7.7 percent last year was the slowest in two decades.
Brent crude, a benchmark for international varieties of oil, was down 13 cents to $107.94 a barrel on the ICE exchange in London.
In other energy futures trading on Nymex:
– Wholesale gasoline fell 0.7 cent to $2.93 a gallon.
– Heating oil shed 0.5 cent to $2.94 a gallon.
– Natural gas fell 3.5 cents to $4.45 per 1,000 cubic feet.