Subscribe free to our newsletters via your
. 24/7 Space News .




ENERGY TECH
Oil prices plunge after weak US, China data
by Staff Writers
New York (AFP) April 15, 2013


Oil prices plunged Monday in New York and London after disappointing economic data in the United States and China, the world's biggest crude oil consumers.

New York's main contract, West Texas Intermediate for May delivery, closed at $88.71 a barrel, down a hefty $2.58 from Friday. Earlier in the day WTI had slumped to $87.86, its lowest level since late December.

Brent North Sea crude for delivery in May tanked $2.72 to settle at $100.39 a barrel in London trade. The European benchmark had flirted with $100 -- a level not crossed since July 12, 2012 -- in early trade.

"The week opened with heavy losses across the oil markets reflecting the current bearish momentum," said senior analyst Myrto Sokou at the Sucden brokerage in London.

"The recent Chinese economic data failed to meet analysts' expectations and added further pressure to the market that was already showing sharp losses following disappointing US economic data last week."

China's gross domestic product growth slowed to 7.7 percent in the first quarter of this year from 7.9 percent in the prior quarter, the government said, well below the 8.0 percent GDP growth forecast in a poll of 12 economists by AFP.

Sokou said the Chinese data renewed concerns about another possible slowdown in Chinese demand for both oil and metals.

The news raises questions about the strength of the world's number-two economy, which is a key driver of global growth, analysts said.

In the United States, April data showing a larger-than-expected slowdown in New York state manufacturing and a drop in confidence of US homebuilders also weighed on the oil market.

"The early indications are that April economic data remain soggy relative to a disappointing March," said Deutsche Bank analysts in a research note.

Prices have been under pressure after forecasts last week of lower global demand by the Organization of Petroleum Exporting Countries, the International Energy Agency and the US government's Energy Information Administration.

.


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








ENERGY TECH
University of Tennessee professor's research shows Gulf of Mexico resilient after spill
Knoxville TN (SPX) Apr 15, 2013
The Gulf of Mexico may have a much greater natural ability to self-clean oil spills than previously believed, according to Terry Hazen, University of Tennessee-Oak Ridge National Laboratory Governor's Chair for Environmental Biotechnology. The bioremediation expert presented his Deepwater Horizon disaster research findings at the 245th National Meeting and Exposition of the American Chemic ... read more


ENERGY TECH
Characterizing The Lunar Radiation Environment

Russia rekindles Moon exploration program, intends setting up first human outposts there

Pre-existing mineralogy may survive lunar impacts

Lunar cycle determines hunting behaviour of nocturnal gulls

ENERGY TECH
Accurate pointing by Curiosity

NASA Mars Orbiter Images May Show 1971 Soviet Lander

Opportunity is in position for solar conjunction at 'Cape York' on the rim of Endeavour Crater

NASA spacecraft may have spotted pieces of Soviet spacecraft on Mars

ENERGY TECH
Testing Spacesuits in Antarctica, part 1

Obama's budget would boost science, health

Underwater for outer space

NASA Celebrates Four Decades of Plucky Pioneer 11

ENERGY TECH
Shenzhou's Shadow Crew

Shenzhou 10 sent to launch site

China's Next Women Astronauts

Shenzhou 10 - Next Stop: Jiuquan

ENERGY TECH
Unmanned Russian space freighter leaves space station toward fiery end

Europe sets June 5 for launch of space freighter

Spooky action at a distance aboard the ISS

First data released from the Alpha Magnetic Spectrometer

ENERGY TECH
Ukraine aims to accelerate space industry development

Payload integration is underway for Vega's second mission from the Spaceport

Ecuador to launch first homemade satellite

Arianespace receives the second Vega for launch from French Guiana

ENERGY TECH
Can One Buy the Right to Name a Planet?

Retired Star Found With Planets And Debris Disc

The Great Exoplanet Debate

NASA Selects Explorer Investigations for Formulation

ENERGY TECH
High pressure gold nanocrystal structure revealed

Scientists design new adaptive material inspired by tears

UC Research Demonstrates Why Going Green Is Good Chemistry

Florida Tech professors present 'dark side of dark lightning' at conference




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - 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