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Crude extends losses amid demand outlook concerns

CommoditiesJun 10, 2013 10:19AM ET
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Investing.com - Crude oil futures extended losses on Monday as weak Chinese economic data released over the weekend raised concerns over the outlook for global oil demand.

On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD95.46 a barrel during European morning trade, down 0.59% on the day.

Official data showed that Chinese industrial output rose less than expected in May, while exports rose at the slowest pace in almost a year last month and imports fell unexpectedly, pointing to weakening domestic demand.

Government data showed that China’s imports of crude oil fell 6% in May from a year earlier, to 23.95 million tons. China imported 23.08 million tons of crude in April.

A separate report from China’s customs administration showed that China imported 116,000 million tons of crude in the first five months of this year, down 2% from the same period in 2012.

Oil prices continued to be underpinned by last Friday better-than-expected U.S. jobs report.

The U.S. economy added 175,000 jobs last month, slightly more than the 170,000 gain forecast by economists. The unemployment rate ticked up to 7.6% from 7.5% in April.

The data showed that the economic recovery in the U.S is on track but was not enough to indicate whether the Federal Reserve could to begin to taper its USD85 billion-a-month asset purchase program later this year.

The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for June delivery was down 0.54% to trade at USD103.81 a barrel, with the spread between the Brent and crude contracts standing at USD8.39 a barrel.

Crude extends losses amid demand outlook concerns

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