Arab Today, arab today oil slips on china\s economic slowdown
Last Updated : GMT 21:40:23
Arab Today, arab today
Arab Today, arab today

Oil slips on China\'s economic slowdown

Arab Today, arab today

Arab Today, arab today Oil slips on China\'s economic slowdown

London - AFP

World oil prices edged lower on Monday after weak economic data in both China and the United States, the two biggest global consumers of crude. In late afternoon deals, Brent North Sea crude for delivery in August dipped four cents to $108.77 per barrel. New York\'s main contract, West Texas Intermediate (WTI) for August, slipped 17 cents to $105.78 compared with Friday\'s closing level. \"Crude oil prices slid lower on Monday, opening the week on the negative side, as disappointing Chinese economic data hurt market sentiment and limited risk appetite, prompting investors to lock in recent gains,\" said Kash Kamal at Sucden brokers. \"The fairly poor Chinese data verified concerns about a slowdown in the Chinese economy which could result in a lack of oil demand in the third quarter of 2013,\" he added. China\'s gross domestic product (GDP) expanded 7.5 percent in the April-June quarter, official data showed Monday, a second consecutive slowdown in growth. That was slower than the 7.7 percent growth in the previous three months. The in-line reading provided brief support for oil prices in earlier trade on Monday, before profit-taking set in. Brent rallied to $109.17, the highest point since early April, while New York crude came close to recent 15-month highs. The Chinese economic slowdown has meanwhile focused analysts\' attention on the knock-on effects on other major global economies. \"China has also been heavily relied upon to lift the rest of the world out of the slump it found itself in after the crisis kicked in in 2008,\" Gekko Markets analyst Anita Paluch told AFP. \"As such, every piece of news tends to dominate the headlines. With today\'s data, this seems to have been priced in. \"Still, slower growth will have impact on those countries who have strong trade links with China, like Australia, Brazil and (the) Southeast Asia region.\" Elsewhere, traders digested disappointing June US retail sales data. Sales slowed in June to a halt except for continued growth in automobile sales, government data showed. Market expectations had been for a 0.7 percent gain. New York oil had spiked last week to a 15-month pinnacle of $107.45 -- last seen in late March 2012 -- after US Federal Reserve chairman Ben Bernanke pledged to retain the central bank\'s easy-money stimulus policy. The market had also won a boost from Egypt-link supply fears and signs of solid US energy demand. London-based research house Capital Economics played down talk that recent price gains would hurt the global economy. \"The recent rise in oil prices is not large enough to be a significant drag on global growth, particularly given that Brent crude has increased much less than WTI,\" said Capital Economics analyst Andrew Kenningham. \"However, if prices rise much further, this would threaten our forecast that world GDP growth will gradually accelerate over the coming years.\"

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 oil slips on china\s economic slowdown Arab Today, arab today oil slips on china\s economic slowdown

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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