Oil prices did not react very much to the FOMC pronouncement nor the Chairman’s comments, yesterday. Overnight, however, prices tumbled along with everything else. A read on China’s manufacturing worsened; the HSBC flash PMI fell to 48.3 from 49.2 in May. The euro zone PMI reading remained in contraction territory, as well, but it was a slight rise. The China data gives the sell-off some context beyond the Fed noise.
Energy Overview — TotalView™ of the Energy Markets