11 March 2013 15:38 [Source: ICIS news]
LONDON (ICIS)--Crude oil futures fell on Monday as more economic data indicates China’s economic recovery is faltering, while oil production from Saudi Arabia is rising.
By 14:30, the front-month April ICE Brent contract fell to an intra-day low at $109.70/bbl, a loss of $1.15/bbl compared with the settlement on Friday. The contract then edged higher to trade around $109.80/bbl.
At the same time, the front-month April NYMEX WTI contract was trading around $91.00/bbl, having touched an intra-day low at $90.90/bbl, a loss of $1.05/bbl compared with the previous settlement.
Official data released via the National Bureau of Statistics of China showed industrial output in January and February at 9.90%, down from 11.40% in January 2012 and 11.90% in February last year.
Adding to the woes, China’s crude oil imports in February were down by 12.10% year on year to 20.78m tonnes, according to the General Administration of Customs.
Furthermore, China’s inflation rate hit a 10-month high in February to 3.20%, which will limit the government’s ability to employ monetary policies.On the supply side of the oil market, Saudi Arabia increased its oil production in February to 9.15m bbl/day, marginally higher compared with January where the Kingdom produced 9.05m bbl/day.
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