Singapore: (Monday, August 06, 2012) With the release of Chinese trade data, oil prices that remained high for about a fortnight, have been observed coming down.
According to the details, New York’s main contract, West Texas Intermediate (WTI) light sweet crude for delivery in September, fell 12 cents to $91.28 a barrel and Brent North Sea crude for September delivery shed 34 cents to $108.60.
Commenting on the situation, Phillip Futures said, “after rallying on a stronger-than-expected US jobs report, while the market awaited Chinese trade data later this week for trading cuts.”
On this Saturday, the crude prices on the WTI went up about four dollars and passed $ 91 mark per barrel, in case of Brent, the prices went up for three dollars per barrel taking it up to $ 109.
The market analysts say that this instant change in the oil prices was due to official release of data on Friday that showed that the US economy, which is considered the largest economy of the world and the largest oil consumer
on the planet created about 163,000 jobs in July alone. And on the basis of this data, there were forecasts for a gain of 100,000.
Traders have been also closely watched for the release of economic data from China which will provide an update on the economic health of the world’s largest energy consumer and its corresponding energy demand.
China’s trade data showed that last month demand for imports are falling more sharply than expected, which has led to the widening of the trade surplus and has stocked concerns about an economic slowdown.
China is expected to release its trade data for the month of July on this Friday.