08 March 2013 12:14 [Source: ICIS news]
LONDON (ICIS)--ICE Brent crude oil futures dropped more than $1.00/bbl on Friday after data showed Chinese crude oil imports fell steeply in February.
By 11:42 GMT, the front-month April ICE Brent contract fell to an intra-day low at $110.02/bbl, a loss of $1.13/bbl compared with the settlement on Thursday. The contract subsequently gained a few cents to trade around $110.15/bbl.
At the same time, the front-month April NYMEX WTI contract was trading around $91.55/bbl, having touched an intra-day low at $91.28/bbl, a loss of 28 cents against Thursday’s close.
On Friday, China published several reports showing a mixed picture of the Chinese economy. According to the General Administration of Customs, China’s crude oil imports in February were shown to be down by 12.1% year on year to 20.78m tonnes.
However, redeeming this bearish report, China also posted a 21.8% rise in exports beating forecasts which expected a 15% gain.Brent crude oil futures were also pressured by restoring the flow of exports of crude oil from the Taqa-operated Brent Pipeline System on Thursday to around 80,000 bbl/day. The pipeline was shutdown on Saturday 2 March following a leak at the Cormorant Alpha platform which feeds into the Brent Pipeline System.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections