Muted Chinese data emphasize concerns about slowing growth in China:oil mixed

12-Jun-13

Oil prices were mixed in Asia after a series of downbeat data from China emphasize concerns about slowing growth in the world's second largest economy. New York's main contract, West Texas Intermediate light sweet crude for delivery in July inched up to US$95.8 while Brent North Sea crude for July delivery dipped to US$103.8. China has reported a sharp slowdown in exports in May compared to the previous month, and an unexpected drop in imports. Overseas shipments rose just 1% to US$82.8 bln last month, far lower than 14.7% 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% year-on-year in May, marginally weaker than the 9.3% increase in April. The figures come amid growing concern over the outlook for China's economy, which grew 7.8% 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%, down from a previously predicted expansion of 8.0%.