Crude weakens on falling China imports

10 April 2012 12:28  [Source: ICIS news]

LONDON (ICIS)--The front-month ICE Brent contract fell by more than $1.00/bbl on Tuesday, on the back of weaker-than-expected import data from China.

By 11:05 GMT, the May Brent ICE contract had touched an intra-day low of $121.48/bbl, a loss of $1.19/bbl compared with the previous settlement. The contract then edged higher to trade around $121.55/bbl

At the same time, the front-month NYMEX WTI contract hit a low of $101.69/bbl, a loss of 77 cents/bbl compared with the previous close. The May WTI contract subsequently strengthened to around $101.80/bbl.

China’s crude oil imports fell to 23.55m tonnes in March, down from 23.64m tonnes in February, according to China’s General Administration of Customs.

By: Kawai Wong
+44 20 8652 3214

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