Crude futures extend losses on rising stocks, weak China economy

10 May 2013 17:52  [Source: ICIS news]

LONDON (ICIS)--NYMEX West Texas Intermediate (WTI) crude oil futures extended losses by more than $3.00/bbl on Friday, pressured by rising petroleum stocks and concerns over China’s economic growth.

By 13:16 GMT, the front-month June WTI contract touched an intra-day low of $93.37/bbl, down by $3.02/bbl compared with the previous settlement. The contract then edged higher to trade around $93.45/bbl.

At the same time the front-month June ICE Brent contract was trading around $101.65/bbl, having touched an intra-day low at $101.56/bbl, a loss of $2.91/bbl compared with the previous settlement.

Prices were pressured by first-quarter GDP results showing the Chinese economy grew at just 7.7%. Forecasts were for 8.0% growth.

The weaker GDP figures prompted OPEC to cut its Chinese growth forecast to 8.0%, from 8.1% in its monthly oil report, which was released on Friday.

Away from the Asia-Pacific region, US crude oil stocks hit a record high last week to 395.5m bbl.

In Europe, crude oil and product stocks increased in April by 0.5% compared with March, which represented a 1.3% gain compared with the same time last year, according to a monthly stock report published by Euroilstock on Friday.

By: Kawai Wong
+44 20 8652 3214

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