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NYMEX crude weaker ahead of China trade data

Published 04/12/2015, 06:28 PM
Updated 04/12/2015, 06:29 PM
© Reuters. NYMEX crude weaker in Asia

Investing.com - Crude oil prices were quoted weaker in early Asia on Monday with trade data from China in focus.

Oil traders are also looking ahead to a raft of Chinese economic data in the week ahead, including reports on first quarter gross domestic product, as well as data on industrial production and the trade balance.

On Monday, China is to release data on the trade balance with exports seen up 12.0% year-on-year in March, imports down 11.7% and a trade balance of a $45.35 billion surplus.

The U.S. and China are the world’s two largest oil consuming nations.

On the New York Mercantile Exchange, crude oil for delivery in May fell 0.28% to $51.56 a barrel.

Last week, crude oil futures settled higher on Friday, after data showed that the pace of falling rigs in the U.S. accelerated last week.

Industry research group Baker Hughes (NYSE:NYSE:BHI) said late Friday that the number of rigs drilling for oil in the U.S. fell by 42 last week to 760. It was the 18th straight week of declines and the largest drop in a month.

Market players have been paying close attention to the shrinking rig count in recent months for signs it will eventually reduce the glut of crude flowing into the market.

Elsewhere, on the ICE Futures Exchange in London, Brent for May delivery rallied $1.30, or 2.3%, on Friday to settle at $57.87 a barrel by close of trade.

Market experts largely estimated that a ramp-up in Iranian crude exports could take several months after Western powers negotiated a tentative nuclear deal with Tehran earlier in the month.

In the week ahead, markets will be looking ahead to Tuesday’s report on U.S. retail sales, as well as Friday’s reports on inflation and consumer sentiment, for further indications on the strength of the economy.

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