NYMEX WTI falls over $2/bbl on mixed Chinese data

15 October 2012 15:42  [Source: ICIS news]

LONDON (ICIS)--The front-month NYMEX WTI November crude oil futures contract lost more than $2.00/bbl on Monday, pressured by mixed Chinese data.

By 14:30 GMT, the front-month November WTI contract fell to an intra-day low at $89.79/bbl, a loss of $2.07/bbl compared to the previous settlement. The contract then edged a few cents higher to trade at $89.85/bbl.

At the same time, the front-month November ICE Brent contract was trading around $113.75/bbl, having touched an intra-day low at $113.58/bbl, a loss of $1.04/bbl compared to the previous close.

Chinese economic data released over the weekend showed mixed results. China’s September exports were overall strong and imports also higher, however its exports to the European Union fell for four months. Additionally, Chinese oil demand has been lukewarm in recent months.

On Monday, The International Monetary Fund (IMF) urged eurozone authorities to kick-start bailout funds and bond-purchase programmes to tame the debt crisis.

Last week, the International Energy Agency (IEA) cut its oil demand growth forecast for 2013.


By: Kawai Wong
+44 20 8652 3214

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