Subscribe free to our newsletters via your




OIL AND GAS
Oil prices mixed after weak Chinese trade data
by Staff Writers
Singapore (AFP) Sept 8, 2015


Oil prices were mixed in Asia Tuesday after the latest Chinese trade data showed lacklustre demand in the world's top energy consumer, analysts said.

US benchmark West Texas Intermediate for October delivery fell $1.49 to $44.56 while Brent crude for October gained 44 cents to $48.07 in afternoon trade.

The Chinese customs administration said Tuesday overseas shipments in August fell 6.1 percent in yuan terms from a year earlier. This compared with a fall of 8.9 percent in July.

Imports dropped 14.3 percent, from an 8.6 percent decrease in July.

"This data just reinforces the view we are still seeing weakness in the Chinese economy and this data point suggests we have not seen a bottom yet," Bernard Aw, market strategist at IG Markets, told AFP.

"China's economy remains a worry for the wider world economy and global asset markets," he added.

The data was the first in a string of economic figures this week that will be used as a barometer of the state of the Chinese economy, the world's second-biggest and a crucial driver of global growth.

Oil prices have come under pressure from concerns that China's slowing economy will curb demand for the commodities that have helped feed its astonishing growth over the past three decades.

The devaluation of the yuan on August 11 fuelled economic fears, sparking a slump in world equities sending commodities, as measured by the Bloomberg Commodity Index of 22 raw materials, to a 16-year-low before stabilising near current levels.

Oil prices are down almost 30 percent from this year's closing peak in May, according to Bloomberg News data.

Analysts said dealers would next scrutinise the latest weekly US petroleum report due Thursday, a day later than usual due to a holiday on Monday.

US crude reserves currently sit near an eight-decade peak due to high production levels despite tepid demand.

Dealers had been hoping that an uptick in US demand, coupled with a slowdown in output, could whittle down the huge global supplies that were a key reason for the collapse in prices from around $120 in June last year.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








OIL AND GAS
Oil prices swing wildly in China uncertainty
London (AFP) Sept 4, 2015
Fragile financial markets are grappling with wild swings in world oil prices, unnerved by uncertainty over global supplies and the demand outlook from China. By the close of business Monday, the price had shot up 27 percent in just three days for the US benchmark contract, West Texas Intermediate for October delivery, rebounding from six and a half year lows. But they skidded again Tuesd ... read more


OIL AND GAS
Will talk of the 'Big One' shake the US into quake prep?

NASA, USAID Open Environmental Information Hub for Southeast Asia

Japan holds annual disaster response drill

Misguided safety assumptions were key factor in Fukushima: IAEA

OIL AND GAS
Galileo satellites fuelled and ready for launcher attachment

Denali, tallest peak in N.America, loses 10 feet

Latest Galileos closing in on launch

Russian Defense Ministry to use updated GLONASS GPS by 2016

OIL AND GAS
US Catholics mostly accepting of non-traditional families

Penn and German researchers help identify neural basis of multitasking

Philistines introduced sycamore, cumin and opium poppy into Israel

Hypoallergenic parks: Coming soon?

OIL AND GAS
Lizards can stomach island living

Study identifies plant chemical that determines a honey bee's caste

Physics meets biology to defeat aging

Thailand destroys ivory stockpile amid junta crackdown

OIL AND GAS
US Army orders lab safety review, freeze in anthrax scandal

New Ebola death in Sierra Leone sets back efforts to beat epidemic

Pneumonic plague kills eight in Madagascar

WHO to study use of sanctions as part of global epidemic response

OIL AND GAS
After China escape, painful memories remain for blind activist

Hong Kong student leader Wong back in court over protest

Stressed-out Hong Kongers seek better life in Taiwan

China pursues more graft cases as crackdown rages on

OIL AND GAS
Kenya's 'ivory kingpin' bail suspended

Rio airport agents bribed in Chinese immigrant scandal

All bets are off inside Laos' jungle sin city

Football: FIFA sets election date as Blatter finally rules himself out

OIL AND GAS
US presses China over currency as G20 seeks to calm nerves

China cuts 2014 GDP growth: govt

G20 seeks to smooth economic shock waves from China

EU businesses warn China over 'slow' reforms




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.