08 March 2013 13:55 [Source: ICIS news]
LONDON (ICIS)--ICE Brent crude oil futures extended losses on Friday falling more than $2.00/bbl pressured by falling Chinese imports of crude oil in February.
By 13:33 GMT, the front-month April ICE Brent contract fell to an intra-day low at $109.14/bbl, a loss of $2.01/bbl compared with the previous settlement. The contract then edged higher to trade around $109.90/bbl.
At the same time, the front-month April NYMEX WTI contract was trading around $91.50/bbl, having touched an intra-day low earlier in the day at $90.83/bbl, a loss of 73 cents compared with Thursday’s settlement.
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.
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