You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Philips loses $467 million patent suit to US competitor
     AMSTERDAM – Royal Philips NV says it will book a $467 million charge in the third quarter after losing a patent lawsuit to smaller U.S. competitor Masimo Corp.
  • Barra shares plan to renew GM
    MILFORD, Mich. – General Motors CEO Mary Barra told investors Wednesday that GM plans a raft of new models and a big push to sell more cars in China to drive profits in coming years, as the biggest U.S.
  • General Mills to cut workforce
    General Mills plans to cut about 700 to 800 jobs, the second time it has trimmed its workforce in a month as the food company adjusts to a shift by U.S.
Advertisement

Oil falls below $93 on China manufacturing data

BANGKOK (AP) — The price of oil fell below $93 on Wednesday after data showed a slowdown in China's manufacturing growth.

Benchmark oil for June delivery was down 72 cents to $92.74 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.04 to finish at $93.46 per barrel on Tuesday in anticipation of another increase in U.S. crude supplies.

The China Federation of Logistics and Purchasing, an industry group, released data Wednesday showing that manufacturing grew at a slower pace in April and that export orders had been declining steadily. The federation's purchasing managers' index fell to 50.6 in April from 50.9 in March. On a 100-point scale, numbers above 50 indicate an expansion.

The pace stoked fears that the recovery in the world's second-largest economy might not meet expectations.

Investors, meanwhile, are also waiting for information on U.S. stockpiles of crude and refined products. Analysts surveyed by Platts estimate that oil supplies rose by 1.4 million barrels in the week ended Friday. The report from the Energy Department's Energy Information Administration will be released later Wednesday.

Brent crude, which is used to set prices of oil from the North Sea used by many U.S. refiners, fell 54 cents to $101.83 on the ICE Futures exchange in London.

In other energy futures trading on the New York Mercantile Exchange:

— Wholesale gasoline fell 0.9 cent to $2.793 a gallon.

— Heating oil retreated 1.3 cents to $2.826 a gallon.

— Natural gas rose 2 cents to $4.363 per 1,000 cubic feet.

Advertisement