Data from China stokes concerns: oil prices slump

March trade data showed China’s import growth fell below expectations, indicating tepid Q1-12 demand. Concerns about a potential slowdown in the economy world’s No. 2 crude consumer China, have compounded worries about global demand. As a result, oil prices have fallen for the second consecutive day on Tuesday, suffering its biggest one-day percentage loss of the year and slumping to a seven-week low. Oil on the Nymex dropped by over a dollar to settle at US$101, the lowest close since Feb. 14. Brent crude fell by almost three dollars to US$119.8, the weakest close since Feb. 17. The market opened with news of weak U.S. jobs data late last week . Additionally, the U.S. Energy Information Administration’s monthly report has cut its forecast for world oil demand growth for 2012 and 2013, while raising the forecast for non-OPEC oil output.
  More News  Post Your Comment
{{comment.Name}} made a post.




There are no comments to display. Be the first one to comment!


Name Required.


Email Id Required.

Email Id Not Valid.


Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.

Message Required.

Click to Change image  Refresh Captcha
Reclamax single step plastic recycling machine

Reclamax single step plastic recycling machine