WTI Trades Near Two-Week Low on Concern China Recovery May Slow

Bloomberg (24/6) - West Texas Intermediate traded near the lowest price in more than two weeks on speculation China’s economic recovery may be threatened by cash constraints. A measure of crude’s technical momentum faltered. WTI for August delivery was at $93.48 a barrel, down 21 cents, in electronic trading on the New York Mercantile Exchange at 1:13 p.m. Sydney time. The volume of all futures traded was 12 percent above the 100-day average. The contract declined $1.45, or 1.5 percent, to $93.69 on June 21, the lowest close since June 4. Brent for August settlement was down 40 cents at $100.51 a barrel on the London-based ICE Futures Europe exchange. The European benchmark grade was at a premium of $7.03 to WTI futures. The closing spread was $7.22 on June 21.