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Oil below US$106 on weak China trade growth
Source: Agencies |
March 13, 2012, Tuesday
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Online Edition
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CRUDE oil prices fell below US$106 a barrel yesterday after Chinese trade data suggested a weakening global economy.
Benchmark oil for April delivery was down US$1.32 to US$106.11 a barrel in afternoon trading on the New York Mercantile Exchange, after hitting a day low of US$105.38.
In London, Brent crude was down 89 cents at US$125.09 per barrel on the ICE Futures exchange.
Figures released Saturday showed China's export growth in the combined January-February period slowed to 6.9 percent, compared with December's 13.4 percent.
Growth in imports for the two months declined to 7.7 percent from December's 11.8 percent
Crude has jumped from US$75 a barrel in October as signs of an improving US economy have bolstered investor confidence. The government reported Friday that the US economy added a better than expected 227,000 jobs last month and the unemployment rate remained steady at 8.3 percent.
Crude has traded near 10-month highs in recent weeks amid growing tensions over Iran nuclear program.
Meanwhile, the retail price of US gasoline jumped by nearly 5 cents over the weekend and is now US$3.80 per gallon (US$1 a liter), the highest ever for this time of year.
In other energy trading in New York, natural gas dipped to a new 10-year low, falling by 7.9 cents to US$2.245 per 1,000 cubic feet. Natural gas prices have plummeted this year thanks to a recent boom in production and weak heating demand this winter.
Heating oil fell by 2.19 cents to US$3.2419 per gallon and gasoline futures gave up a penny to US$3.3224 per gallon.
Benchmark oil for April delivery was down US$1.32 to US$106.11 a barrel in afternoon trading on the New York Mercantile Exchange, after hitting a day low of US$105.38.
In London, Brent crude was down 89 cents at US$125.09 per barrel on the ICE Futures exchange.
Figures released Saturday showed China's export growth in the combined January-February period slowed to 6.9 percent, compared with December's 13.4 percent.
Growth in imports for the two months declined to 7.7 percent from December's 11.8 percent
Crude has jumped from US$75 a barrel in October as signs of an improving US economy have bolstered investor confidence. The government reported Friday that the US economy added a better than expected 227,000 jobs last month and the unemployment rate remained steady at 8.3 percent.
Crude has traded near 10-month highs in recent weeks amid growing tensions over Iran nuclear program.
Meanwhile, the retail price of US gasoline jumped by nearly 5 cents over the weekend and is now US$3.80 per gallon (US$1 a liter), the highest ever for this time of year.
In other energy trading in New York, natural gas dipped to a new 10-year low, falling by 7.9 cents to US$2.245 per 1,000 cubic feet. Natural gas prices have plummeted this year thanks to a recent boom in production and weak heating demand this winter.
Heating oil fell by 2.19 cents to US$3.2419 per gallon and gasoline futures gave up a penny to US$3.3224 per gallon.
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