Rising stockpiles, China data temper gains for oil

Crude-oil futures were barely holding onto gains in Asian trade Thursday after data showed slower manufacturing activity in China and another weekly uptick in U.S. oil stockpiles.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in June CLM5, -0.43%   traded at $56.32 a barrel, up $0.16 in the Globex electronic session. June Brent crude LCOM5, -0.48%  on London’s ICE Futures exchange rose $0.13 to $62.85 a barrel.

China is the world’s second-largest consumer of oil and its oil demand is linked to economic growth. Earlier Thursday, China’s customs data confirmed it imported 26.8 million tons of crude in March, 14% higher from a year earlier.

Nymex reformulated gasoline blendstock for May RBK5, +0.14%  — the benchmark gasoline contract — fell 11 points to $1.9234 a gallon, while May diesel traded at $1.8700, 8 points lower.

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