Crude oil fell below the $94.00 a barrel level on Monday after industrial output in China, the world’s second-biggest oil consumer, slowed in December, but losses may be limited as the Chinese economy expanded more-than-expected during last year’s third quarter.
The Chinese economy grew by 7.7% between October and December from 7.6% expected, easing some of the fears of a hard landing. However, growth eased from the previous three months when the economy expanded by 7.8%, while factory production fell to 9.7% from 9.8% expected, the slowest expansion in five months.
“The data is a cause for relief, as it eases some of the fears over the Chinese economy… The stronger dollar looks like it had quite a big impact in the Asian session. I think that`s at least part of the reason we`re seeing prices lower”, said Ben Le Brun from OptionsXpress in Sydney.
The dollar index is trading is trading near the highest level in nearly 10 weeks, reached on Friday amid speculation the Federal Reserve will continue reducing stimulus, adding downside pressures on the dollar-dominated commodities including oil.
Trading volumes will be thinner-than-usual on Monday as the US markets are closed due to Martin Luther King Day, and since there is no significant data from Europe either, it is likely to be a quite day today with movement in limited ranges.
- WTI crude oil futures for March is trading around $ 93.78 a barrel after falling $0.59
- Brent futures for March settlement is trading around $ 106.35 a barrel after falling $0.12
- Natural gas is trading at $ 4.273 per cubic feet after falling 1.23%
- Gasoline is trading at $ 2.6216 per cubic feet after rising 0.05%
- Heating oil (diesel) is trading at $ 3.0314 a gallon after rising 0.25%
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Crude Falls As Industrial Output In China Slowed
Published 01/20/2014, 04:34 AM
Updated 07/09/2023, 06:31 AM
Crude Falls As Industrial Output In China Slowed
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