Brent Crude Slides to Three-Week Low

Bloomberg reported that the Brent crude prices have slipped for the third day this week, touching its lowest price in three weeks. WTI for July delivery was down $1.61 to $92.67 a barrel.

According to Bloomberg:

Futures slid as much as 1.5 percent in London to the lowest since May 2. A preliminary reading of China’s Purchasing Managers Index dropped to 49.6 for May, the least since October and missing estimates. Gasoline inventories rose 3 million barrels last week, the Energy Information Administration reported yesterday. Federal Reserve Chairman Ben S. Bernanke signaled the central bank may reduce monthly bond purchases.

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