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Brent and U.S. crude down on chronic oversupply, poor China data

Published 2015-08-09, 08:49 p/m
© Reuters. Brent and U.S. crude down on chronic oversupply, poor China data
LCO
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CL
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TOKYO, Aug 10 (Reuters) - Crude oil futures fell on Monday
in early Asian trading, touching fresh multi-month lows after
disappointing data from China over the weekend showed exports
tumbled in the world's second largest economy.
Exports fell 8.3 percent in July, the biggest decline in
four months, as weaker global demand for Chinese goods and a
strong yuan policy hurt manufacturers.
Producer prices in July were at the lowest point since late
2009, during the aftermath of the global financial crisis, and
have been sliding continuously for more than three years.
China's economy is officially forecast to grow at 7 percent
this year, strong by global standards but some economists
believe it is growing at a much slower pace.
Brent LCOc1 was down 22 cents at $48.39 a barrel at 0130
GMT, after touching a more than six-month low of $48.26.
U.S. crude CLc1 fell 18 cents to $43.69 and fell to $43.35
earlier, a nearly five-month low.
Both benchmarks have fallen for six straight weeks, weighed
down by chronic oversupply and sagging demand.
U.S. production rose to near the highest level since the
1970s in the last week, edging up to 9.5 million barrels per
day, according to government data.
Oilfield services firm Baker Hughes' said on Friday that the
U.S. oil rig count had risen by six, adding to bearish sentiment
for crude as it signalled production could creep up from higher
drilling activity. ID:nL1N10I1PL
Drillers have added a total of 32 oil rigs over the past
three weeks.


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