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8 Sep 2015
US oil under pressure, China crude imports drop
FXStreet (Mumbai) - Oil prices in the US retreated on Tuesday, taking cues from the weakness seen on Monday in Brent prices. China trade data did little to cheer commodity markets.
WTI Crude for October delivery currently trades 2.63% lower on the day at USD 44.85/barrel. Earlier today China released trade data for August that came in worse than expected. However, the losses were capped around USD 44.15 levels as the Greenback weakened on return of risk appetite in the major Equity markets across Europe.
China oil imports drop
According to Chinese customs data, China’s crude-oil imports in August declined 13% year-over-year to 26.59 million tons, while exports of the same month last year dropped 33% to 220,000 tons. The drop in the imports underscores the slowdown in the world’s second largest economy.
WTI Crude for October delivery currently trades 2.63% lower on the day at USD 44.85/barrel. Earlier today China released trade data for August that came in worse than expected. However, the losses were capped around USD 44.15 levels as the Greenback weakened on return of risk appetite in the major Equity markets across Europe.
China oil imports drop
According to Chinese customs data, China’s crude-oil imports in August declined 13% year-over-year to 26.59 million tons, while exports of the same month last year dropped 33% to 220,000 tons. The drop in the imports underscores the slowdown in the world’s second largest economy.