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China’s Data Hurts Crude Oil

June 10, 2013 at 23:32 by Vladimir Vyun

Crude oil fell today as macroeconomic data from China released on the weekend was not particularly good. Consumer inflation slowed from 2.4 percent in April to 2.1 percent in May instead of accelerating to 2.5 percent as was expected. The Producer Price Index dropped 2.9 percent last month, year-on-year, more than was predicted by analysts. Industrial production grew 9.2 percent in May, trailing forecasts and slower than in April (9.3 percent).

Crude was rising after US nonfarm payrolls sparked optimism among traders. Yet China’s data spoiled the traders’ mood. As of now, WTI oil attempts to rebound. Brent grade remained weak.

July futures for WTI crude oil traded at $95.90 per barrel as of 23:26 GMT today after falling to $95.77 on NYMEX earlier. Contract for Brent crude lost $0.61 (0.58 percent) to $103.95 per barrel on ICE.

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