. 24/7 Space News .




ENERGY TECH
Oil prices fall on China data
by Staff Writers
London (AFP) March 11, 2013


Global oil prices fell on Monday as Chinese industrial production showed signs of a slowdown in the world's biggest energy-consuming nation, analysts said.

In late afternoon London deals, Brent North Sea crude for delivery in April dropped 90 cents to $109.95 per barrel.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for April, shed 56 cents to $91.39 a barrel.

"Crude oil prices came under renewed pressure on Monday and started the week on the negative side following weak Chinese data that weighed on market sentiment," said analyst Myrto Sokou at the Sucden Financial brokerage in London.

"More specifically, China's inflation surged to a 10-month high in February while factory output and consumer spending missed analysts expectations."

She added: "Today, due to a lack of major economic data, currency movements could give some direction while equity markets have already set a bearish tone."

Official data released Saturday showed inflation in China hitting a 10-month high in February.

Industrial output, which reflects production at China's factories, workshops and mines, rose 9.9 percent year-on-year over the first two months of 2013, compared with 11.4 percent in the same period of 2012.

The disappointing economic data fuelled concerns about the outlook for the Asian powerhouse economy.

The oil market was meanwhile pulled lower also by the firmer dollar, which makes greenback-priced crude more expensive for buyers using weaker currencies.

"Oil prices are starting the new week of trading down," said Commerzbank analyst Carsten Fritsch.

The US Labor Department on Friday reported that the unemployment rate fell to 7.7 percent in February from 7.9 percent in January, and the country gained a better-than-expected net 236,000 jobs last month, raising hopes that the economy is strengthening.

Fritsch added: "Rather than benefiting... from the positive US labour market data and the resulting rosier demand prospects in the worlds largest oil consumer, oil prices are under pressure from a firmer US dollar and speculation about a premature end to the Feds bond purchasing programme.

"In addition, the majority of the Chinese economic figures published at the weekend proved disappointing. This illustrates how market players are currently focusing on negative information and the poor market sentiment."

Chinese energy demand has a major impact on the global oil market.

"Chinese data showing industrial production slowing has taken a toll on oil prices," added Jason Hughes, head of premium client management at IG Markets Singapore.

Victor Shum, managing director at IHS Purvin and Gertz in Singapore, agreed meanwhile that the pick-up in the greenback was also hitting prices.

"A booming oil supply, in combination with the strengthening of the dollar after a strong US jobs report last week, has caused some selling," he said.

burs-rfj/jmm

.


Related Links
Powering The World in the 21st Century at Energy-Daily.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




Memory Foam Mattress Review

Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Get Our Free Newsletters
Space - Defense - Environment - Energy - Solar - Nuclear

...





ENERGY TECH
Venezuela, China vow deeper ties after Chavez death
Caracas (AFP) March 9, 2013
Venezuela's new acting president, Nicolas Maduro, held talks with a Chinese delegation on Saturday and the two sides vowed to deepen strategic relations in honor of late leader Hugo Chavez. Maduro, who was sworn in late Friday, met with the chairman of China's National Development and Reform Commission, Zhang Ping, who represented President Hu Jintao at Chavez's funeral. "The best tribut ... read more


ENERGY TECH
China to use modified rocket for moon landing mission

Water On The Moon: It's Been There All Along

Building a lunar base with 3D printing

US, Europe team up for moon fly-by

ENERGY TECH
Mars rover 'sleeping' through solar storm

Curiosity Rover's Recovery on Track

NASA's Curiosity rover to be back online next week

Short Bump Gets Robotic Arm Closer to Rock Target

ENERGY TECH
Startups at SXSW in search of some better mousetraps

Shadows over data sharing

NASA Launches Website to Design Interplanetary Missions

Sequestration and the Civil Space Industry

ENERGY TECH
China's fourth space launch center to be in use in two years

China to launch new manned spacecraft

Woman expected again to join next China crew roster

China's space station will be energy-efficient

ENERGY TECH
'Goody Bag' Filled With Sample Processing Supplies Arrives on Station

ESA's Columbus Biolab Facility

SpaceX set for third mission to space station

Record Number of Students Control ISS Camera

ENERGY TECH
Vega launcher integration continues for its April mission

SpaceX's capsule arrives at ISS

Dragon Transporting Two ISS Experiments For AMES

SpaceX Optimistic Despite Dragon Capsule Mishap

ENERGY TECH
The Birth of a Giant Planet?

Scientists spot birth of giant planet

NASA's Kepler Mission Discovers Tiny Planet System

Kepler helps astronomers find tiny exo planet

ENERGY TECH
NUS graphene researchers create 'superheated' water that can corrode diamonds

Researchers Solve Riddle of What Has Been Holding Two Unlikely Materials Together

Atoms with Quantum-Memory

Big data: Searching in large amounts of data quickly and efficiently




The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal 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