Fresh stimulus hopes in USA amid disappointing Chinese industrial output numbers impact oil prices

11-Sep-12
As traders balanced US stimulus hopes with disappointing numbers from China, crude oil was mixed in Asia. New York’s main contract, light sweet crude for delivery in October, dipped to US$96.2 a barrel, while Brent North Sea crude for October delivery inched up to US$114.3. Market anticipates fresh US stimulus after a disappointing jobs report. US jobs data released on Friday showed addition of just 96,000 jobs in August while the official number of jobless fell by a quarter of a million people to 12.5 million. About 368,000 people are reported to have given up searching for jobs and have left the labour force, leading to a substantial net rise in the total number of working-age Americans out of work. In China, data released by the National Bureau of Statistics showed industrial production increasing by 8.9% year-on-year last month, the lowest figure since a similar rise of 8.9% in May 2009.
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