Oil Put the Brakes on Downside Action in Reaction to Service Industry Growth in London

“Oil halted a two-day slide in London on forecasts that service industries accelerated last month in the U.S., the world’s biggest consumer of crude.

Brent futures recouped an earlier loss of 0.6 percent. The Institute for Supply Management’s index of non-manufacturing companies rose to 57.5 from 57.3 in March, according to a Bloomberg News survey of economists before today’s data. Another report may show companies added 198,000 workers to payrolls last month. Crude stockpiles probably increased from the highest since November, according to a Bloomberg News survey before an Energy Department report.”

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