Crude oil futures ended lower on Wednesday, magnifying their lost session’s losses, as worries about fuel demand resurfaced after data showed a contraction in manufacturing activity in China. According to the latest survey from the National Bureau of Statistics, the manufacturing sector in China continued to contract in May, and at a faster rate. The NBS Manufacturing PMI fell to a five-month low of 48.8 in May from 49.2 in April. Street had expected a reading of 51.4. The bureau also said the non-manufacturing index came in with a score of 54.5, again missing forecasts for 54.9 and down from 56.4 in the previous month.
Benchmark crude oil futures for July delivery fell $1.37 or about 2 percent to settle at $68.09 a barrel on the New York Mercantile Exchange. Brent crude for August delivery dropped $1.11 or 1.5 percent to settle at $72.60 a barrel on London's Intercontinental Exchange.