Oil Down Nearly 3% On Wall Street, China; Cushing Draw Limits Loss
In China, also the world's largest commodities consumer, industrial companies' profits fell at their fastest rate in four years, sparking fresh worries about manufacturing activity reports due later this week.
Offsetting some of that bearish sentiment was data from market intelligence firm Genscape estimating a drawdown of over 1 million barrels last week from the Cushing, Oklahoma delivery hub for U.S. crude, traders who saw the figures said.
Genscape's Cushing stockpile estimates are a precursor to official inventory data on U.S. crude due each Wednesday from the U.S. Energy Information Administration (EIA). Genscape had estimated draws of around 2 million barrels in each of the past two weeks.
U.S. crude stockpiles likely fell 500,000 barrels last week, the third straight week of drawdowns, a preliminary Reuters survey showed.
"As far as the weekly EIA numbers are concerned, we expect only small stock shifts across all categories with any big surprises likely to tilt bullish," said Jim Ritterbusch of Ritterbusch and Associates, an oil markets advisory in North Wabash, Chicago.
"This won't necessarily change overall U.S. balances, in which the total of crude and all U.S. products is approaching a record and is about 14 percent above a year ago," he said.
(Additional reporting by Amanda Cooper in London; Editing by Marguerita Choy and Andrew Hay)
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