Arab Today, arab today crude slips on weak global economic indicators
Last Updated : GMT 20:29:33
Arab Today, arab today
Arab Today, arab today

Crude slips on weak global economic indicators

Arab Today, arab today

Arab Today, arab today Crude slips on weak global economic indicators

Singapore - Arabstoday

Brent futures fell more than $1 towards $101 a barrel on Monday, staying close to a nine-month low hit earlier in the day, after bleak Chinese and US data stoked worries of a slowdown in economic growth in the world’s top oil consumers. China’s economic recovery unexpectedly stumbled in the first three months of 2013, with the annual rate of growth easing to 7.7 per cent from 7.9 per cent in the final quarter of last year. Economists had forecast 8 per cent growth. Prices fell across assets from commodity markets — including oil, gold and copper — to Asian shares following the release of the weaker-than-expected China data. “The China data is going to have a major impact on an already weak commodity market,” said Jonathan Barratt, chief executive of commodity research firm BarrattBulletin. “Generally the trend for commodities remains weak at the moment given that China is not performing the way we’ve always wanted it to perform, which suggests (prices are) coming under pressure.” Brent crude futures fell $1.71 to $101.40 a barrel by 0652 GMT, after earlier shedding $2.27 to hit $100.84 a barrel — the lowest since early July 2012. US crude futures also lost more than $2 to hit its lowest in over three months at $88.46 before recovering to $89.15 by 0652 GMT. The China data followed a Friday report showing US retail sales contracted in March for the second time in three months, a sign the top oil-consuming economy may have stumbled at the end of the first quarter. “I think oil needs to still find a bottom. I’m always leaning to the bullish side, but the US economic data hasn’t been great lately and China faltering is unsettling,” said Carl Larry, president of the Houston-based Oil Outlooks and Opinion. “There’s much more competition out there to sell a barrel of oil. Outside of Opec, you have their neighbour Russia who’s pushing its barrels too.” Also pushing down oil prices, China’s implied oil demand fell to its lowest in seven months in March as big consumers held off from buying in anticipation of a cut in prices, while refiners scaled back crude runs and raised exports to trim high fuel stocks. Weak data weighs Friday’s weak US retail sales data followed forecasts for lower global oil demand growth for 2013 released last week by the International Energy Agency, the US Energy Information Administration and the Organisation of the Petroleum Exporting Countries. The World Bank on Monday scaled back its 2013 growth forecasts for developing East Asia and warned about possible over-heating in the region’s larger economies that could stoke inflation and asset bubbles, exacerbating investor concerns over oil demand. The global lender, in its latest East Asia and Pacific Update, cut its GDP growth projection for China by 0.1 percentage point to 8.3 percent for 2013, citing Beijing’s ongoing efforts to restructure its economy. “I think that (Brent) oil has had its first test here at $100. We get under $98 and then people start to get worried about investing in oil and start thinking about a global double dip recession,” Larry said. “Of course if there is no recession, people are going to be looking at the much better returns in US equities.” Source: Gulfnews.com

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today crude slips on weak global economic indicators Arab Today, arab today crude slips on weak global economic indicators

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today crude slips on weak global economic indicators Arab Today, arab today crude slips on weak global economic indicators

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday