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MTECHTIPS:-NYMEX crude oil down as Caixin PMI data points to weak China outlook

MTECHTIPS:-NYMEX crude oil down as Caixin PMI data points to weak China outlook

Crude oil prices reversed early gains in Asia on Wednesday as weak China manufacturing estimates trumped U.S. industry data that showed a much larger than expected draw in U.S. stockpiles last week. The Caixin Manufacturing index for September fell to 47, from the August level of 47.3, putting it at a 78-month low. On Tuesday, the Asian Development Bank lowered its 2015 economic growth projections for China from 7.2% and 6.8%. The U.S. and China are the top two importers of oil in the world, each bringing in more than 7.0 million barrels per day. Earlier, the American Petroleum Institute said crude stocks fell a whopping 3.7 million barrels last week, compared to an estimate ofa 700,000 barrels drop. Data on refined products was no tr immediately available. Later Wednesday, the U.S. Department of Energy will release its own estimates on crude and refined produc stockpiles. Last week, WTI crude futures soared by nearly 6% in Wednesday’s session, after the U.S. Energy Information Administration (EIA) reported a significant draw in crude stockpiles over the previous week. For the week ending on Sept. 11, crude inventories nationwide fell by 2.1 million to 455.9 million barrels, near its highest level at this time of year in at least 80 years. Wednesday’s government report could show that U.S. crude inventories fell by another 1.0 million barrels for the week ending Sept. 18. On the New York Mercantile Exchange, WTI crude for November delivery traded down 0.33% to $46.20 a barrel.

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