03 October 2012 11:37 [Source: ICIS news]
SINGAPORE (ICIS)--Crude futures weakened on Wednesday, with ICE Brent falling by more than $1/bbl, amid demand worries following the release of further downbeat economic data from China and the eurozone.
At 10:07GMT, November Brent crude on ?xml:namespace>
November NYMEX light sweet crude futures (WTI) were trading at $91.38/bbl, down by 51 cents/bbl from the previous close. Earlier, the
Official data from
Earlier this week, official data had revealed that manufacturing in
Further downbeat economic data emerged on Wednesday from the eurozone. The widely followed Market Eurozone Composite (PMI) fell to 46.1 in September from 46.3 in August. The data indicated that the eurozone had slipped back into recession in the third quarter.
Bank of Spain warned in a report released last week that the Spanish economy had continued to significantly contract in the third quarter.
The Asian Development Bank (ADB) also lowered its growth forecast for Asia (excluding Japan) in 2012 to 6.1% from an earlier estimate level of 6.6% amid weak economic growth in the regions main export markets in the US and Europe.
A recent United Nation’s report forecasts that growth in Latin America and the Caribbean was also expected to slow in 2012, amid weaker growth in
In its most recent monthly report, the International Energy Agency (IEA) forecast that global oil demand will grow by around 0.9% to 89.8m bbl/day in 2012.
By contrast demand from the developed world has contracted. According to the recent IEA data, demand in the developing world is expected to rise 2.7% in 2012 to around 43.5m bbl/day.
($1 = €0.81)
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