June crude oil prices experienced a choppy to lower trade throughout the overnight and early morning hours, under modest pressure from a mixed macroeconomic tone. Official PMI data in China showed an improvement from March levels but came in slightly under street estimates. The crude oil market also confronts a weakening US data trend, as well as Spain falling into a double-dip recession and weak UK manufacturing data earlier this morning. While the latest estimates on crude oil output in Iran fell to their lowest level in 20 years, the boost in OPEC output above 2008 levels has helped to compensate for that shortfall. Some analysts forecasts these production increases are expected to foster an above average growth rate in global oil supplies into the third-quarter.
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