Subscribe free to our newsletters via your
. Energy News .




ENERGY TECH
Oil down in Asia on China growth concerns
by Staff Writers
Singapore (AFP) June 11, 2013


Oil prices were down in Asia on Tuesday after downbeat Chinese data highlighted concerns about slowing growth in the world's second largest economy.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in July, dropped 11 cents to $95.66 a barrel in the afternoon. Brent North Sea crude for July delivery shed 29 cents to $103.66.

"A lot of data has come out over the weekend. Dealers are trying to get their heads around China and its import and export data," Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.

"We're also nearing the top of the WTI range. Any rise in price is likely to be capped by technical selling."

China over the weekend published a series of lukewarm economic indicators that sparked concerns about slower growth in the world's biggest energy consumer.

On Saturday the country reported a slowdown in exports in May compared to the previous month, and an unexpected drop in imports.

Overseas shipments rose just one percent to $182.8 billion last month, far lower than 14.7 percent recorded in April, customs authorities said.

The Chinese government a day later announced that industrial output expanded at a slightly slower pace in May while big-ticket investment growth eased.

Industrial production, which measures output at the country's factories and mines, rose 9.2 percent year-on-year in May, marginally weaker than the 9.3 percent increase in April, the National Bureau of Statistics said.

The figures come amid growing concern over the outlook for China's economy, which grew 7.8 percent in 2012, its worst performance in 13 years.

The International Monetary Fund last month cut its 2013 growth forecast for China to around 7.75 percent, from a previously predicted expansion of 8.0 percent.

Traders were also watching developments between Sudan and South Sudan.

Sudan President Omar al-Bashir shut the pipeline carrying South Sudanese crude for export, and on Sunday Sudan suspended nine security and economic pacts with its neighbour.

South Sudan produces about 350,000 barrels of oil per day but depends on Sudan's export infrastructure.

.


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
Shale resources add 47% to global gas reserves: US EIA
New York (AFP) June 10, 2013
Shale-based resources increase the world's total potential oil reserves by 11 percent and natural gas by 47 percent, according to a US report released Monday. In an initial assessment of shale oil resources and an update of shale gas reserves, the US Energy Information Agency said shale deposits could add 345 billion barrels of oil to global reserves, increasing the total to 3,357 billion ba ... read more


ENERGY TECH
Wood as energy source not as 'green' in carbon terms as thought

Asia needs 'energy settlement'

Full Version of EnergyIQ Released

France's RTE to launch 'smart' power substations

ENERGY TECH
Promising material for lithium-ion batteries

Oil down in Asia on China growth concerns

Shale resources add 47% to global gas reserves: US EIA

Oil prices drop on China demand concerns

ENERGY TECH
Enovos opens 10 MW wind farm

Uruguay deficit likely to speed windpower plans

Romania decree threatens green energy projects

Philippines ready to move forward on renewable energy?

ENERGY TECH
Brill Install First Micro Inverted PV Systems In The North Of England

Clean Energy Collective Awarded Three Additional Solar Gardens

ET Solar Modules Installed in the Third Largest Commercial PV Plant in Chile

DuPont and Yingli Green Energy Sign Expanded Strategic Agreement

ENERGY TECH
Japan's first lady says she is 'anti-nuclear'

Japan PM to step up nuclear export drive: report

Upgrades ordered for U.S. reactors

Glitch-hit US nuclear plant shut down for good

ENERGY TECH
Climate change raises stakes on US ethanol policy

Scotland gives green light to $710M wood biomass heat-power plant

Enzyme from wood-eating gribble could help turn waste into biofuel

Molecular switch for cheaper biofuel

ENERGY TECH
Tiangong-1 ready for docking and entry

Shenzhou-10 mission to teach students in orbit

China to host international seminar on manned spaceflight

General ready for second space mission

ENERGY TECH
To cut China's CO2 emissions, account for outsourcing

Borneo stalagmites provide new view of abrupt climate events over 100,000 years

US, China agree to end 'super greenhouse gases'

Bloomberg unveils plan to save NY from climate change




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