- Crude oil prices push lower ahead of the weekend.
- Activity in China’s manufacturing sector continues to grow.
- Focus shifts to Baker Hughes’ US Oil Rig Count data.
Crude oil prices rose sharply this week and the barrel of West Texas Intermediate (WTI) touched its highest level since March 12 at $65.44 on Thursday. However, WTI lost its traction on the last trading day of April and was last seen losing 1.55% on a daily basis at $63.85.
On Thursday, the data published by the US Bureau of Economic Analysis (BEA) showed the Real GDP expanded at an annual rate of 6.4% in the first quarter. This reading beat the market expectation of 6.1% and revived hopes for a steady recovery in energy demand in the second half of the year.
On the other hand, the NBS Manufacturing PMI in China edged lower to 51.1 in April from 51.9 in March, revealing that the business activity in the manufacturing sector continued to grow, albeit at a slower pace.
In the meantime, a recently published Reuters survey showed on Friday that OPEC’s oil output increase by 100,000 barrels per day in April.
Later in the day, the Baker Hughes Energy Services’ weekly US Oil Rig Count data will be watched closely by market participants.
