Oil prices down in Asian trade
Quotes

Oil prices down in Asian trade

Last Updated: Monday, July 15, 2013, 11:03
 
 Comment 0
 
Oil prices down in Asian trade
Singapore: Oil prices eased in Asian trade on Monday but declines were tempered by data showing China's economy grew in line with expectations for the April-June quarter.

New York's main contract, West Texas Intermediate (WTI) for delivery in August, fell nine cents to USD 105.86 a barrel in late-morning trade, while Brent North Sea crude for August shed one cent to USD 108.80.

Earlier losses were narrowed by the news out of Beijing, which showed the gross domestic product expanded 7.5 percent in the second quarter, slower than the 7.7 percent in the previous three months, the National Bureau of Statistics said in Beijing.

The slowdown came amid increasing worries over the health of the Asian economic giant, which is a crucial driver of global growth.

But Kelly Teoh, market strategist at IG Markets Singapore, said the fact the figure was in line with forecasts was providing support to crude prices.

"The main thing is that it didn't miss the estimates," she said.

Beijing also unveiled figures showing an increase in wages, which Teoh said was in line with Beijing's efforts to boost domestic consumption as an economic driver to take up the slack from slowing exports.

She also pointed to a 13.3 percent year-on-year rise in retail sales as a positive sign for domestic demand.

AFP



First Published: Monday, July 15, 2013, 11:03


Comments


comments powered by Disqus
Audi TT Coupé
Audi TT Coupé
Shanghai Auto Show 2015
Shanghai Auto Show 2015
PM Narendra Modi in France
PM Narendra Modi in France
PM Modi`s Make in India push in Germany
PM Modi`s Make in India push in Germany
Renault Lodgy MPV
Renault Lodgy MPV

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved