Related News
Crude oil falls below US$94 as China growth slows
Online Edition
The price of oil fell below US$94 a barrel yesterday after a report showed China's economic growth declined in the last quarter of 2013.
By early afternoon in Europe, benchmark US crude for February delivery was down 67 US cents at US$93.70 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, it rose 41 US cents. The more heavily traded March contract was at US$93.94 a barrel, down 65 US cents.
Floor trading was closed and trading volumes below the norm because of the Martin Luther King Jr. Day holiday.
The Nymex oil contract began the year near US$98 a barrel but retreated swiftly on indications of ample global supplies.
It regained some ground last week but retreated yesterday after China announced economic growth slowed to 7.7 percent in the three months ending in December. Weaker factory output and other indicators suggested that the world's second-largest economy is slowing further.
"The modest Chinese economic data weighed on market sentiment ... adding pressure to crude oil prices," said analysts at Sucden Financial Research in a note to clients. "The strong US dollar rally could add some pressure to the market."
The dollar's strengthening over the past week makes crude a less attractive investment for traders using other currencies.
Reports that Libyan officials intend to regain from rebels the control over oil export facilities in the country's east again raised the prospect of more crude feeding already brimming global stockpiles. However, similar pledges in past months have gone unfulfilled.
"The prospect of a growing oil supply is continuing to weigh on prices," said a research note from Commerzbank in Frankfurt. "Any seizure of the oil terminals by force would mean escalating the crisis and make it more difficult — if not impossible — to find any permanent solution to it."
Brent crude for March delivery, used to set prices for international varieties of crude, was down 20 US cents to US$106.28 on the ICE Futures exchange in London.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
