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Crude oil falls on soft China output data, shrugs off S&P U.S. revision

CommoditiesJun 10, 2013 12:49PM ET
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Investing.com - Oil prices edged lower in U.S. trading on Monday after China reported weaker-than-expected industrial output data, which overshadowed a Standard & Poor's decision to revise its U.S. outlook on the upside.

On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded down 0.24% at USD95.80 a barrel on Monday, off from a session high of USD96.24 and up from an earlier session low of USD95.22.

Oil prices fell after China reported that its industrial output expanded by 9.2% in May compared with 9.3% in April, missing market calls for a gain of 9.3%.

Elsewhere, government data revealed 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.

China is the world's second-largest consumer of oil, and the news kept prices in negative territory despite a Standard & Poor’s decision to revise its long-term outlook on the U.S. credit rating to stable from negative.

The agency affirmed the country's AA+/A-1+ rating on view the economy is poised to improve.

On Friday, the Bureau of Labor Statistics said the U.S. economy added 175,000 jobs in May, beating expectations for an increase of 170,000, after 149,000 jobs were created the previous month.

The headline U.S. unemployment rate ticked up to 7.6% last month, from 7.5% in April as more individuals entered the labor force and sought work, though Chinese data served as oil's primary weather vane on Monday.

On the ICE Futures Exchange, Brent oil futures for July delivery were down 0.37% at USD103.98 a barrel, up USD8.18 from its U.S. counterpart.

Crude oil falls on soft China output data, shrugs off S&P U.S. revision

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