Crude falls on concerns over Chinese economy

15 July 2013 14:11  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures fell over $1.00/bbl on Monday to take the front-month August WTI contract below $105.00/bbl after China published data showing its economy had slowed to 7.5% growth in the second-quarter, down from 7.7% in the previous quarter.

The data has raised concerns over the state of the world’s second-largest economy and the possibility of falling energy demand.

By 12:45 GMT, August NYMEX crude had hit a low of $104.65/bbl, a loss of $1.30/bbl from the Friday close of $105.95/bbl, before recovering to around $104.75/bbl.

At the same time, August Brent crude on ICE Futures was trading around $108.10/bbl, having hit a low of $107.96/bbl, a loss of 85 cents/bbl from the previous close of $108.81/bbl.

By: Tony Dillon
+44 20 8652 3214

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