The US ISM Manufacturing PMI fell to 48.2 in November, missing expectations and marking the ninth straight month of contraction, while S&P Global’s PMI showed modest expansion but flagged rising inventory concerns and weakening demand.
U.S. Crude Oil Inventories rose by 5.81M barrels, surpassing expectations of 2M and higher than the previous 3.889M.
Cushing inventories increased by 1.247M barrels, up from 0.840M. Rising supply raises concerns for demand.
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US Business Inventories rose by 0.4% in Jul, slightly above the 0.3% forecast and up from the previous 0.3%.
US Retail Inventories excluding autos increased by 0.5% in Jul, matching expectations and higher than the previous 0.3%.