By Henning Gloystein
SINGAPORE, Aug 17 (Reuters) - Oil prices fell in early Asian
trading on Monday as Japan's economy contracted on the back of
falling exports and consumer spending, adding to fears that
Asia's biggest economies are starting to slow at the same time.
U.S. crude CLc1 was trading at $42.07 per barrel at 0012
GMT, 43 cents below their last settlement and close to more than
six-year lows. Brent futures LCOc1 were at $48.69 a barrel,
down 50 cents but still some way off from their 2015-low of
$45.19.
Japan's economy, the second biggest in Asia and number three
in the world, shrank at an annualised pace of 1.6 percent in
April-June as exports slumped and consumers cut back on
spending. ID:nL3N10R0KA
The slowdown in Asia's biggest economy, China, and its
impact on the region have also heightened the chance that any
rebound in growth in July-September will be modest, analysts
say.
The weak economic data comes at a time when production
around the world remains at or near record highs.
"OPEC is expected to boost crude oil production to 33
million barrels day, the most ever, after international
sanctions are removed against Iran. Oman, the biggest non-OPEC
oil producer in the Middle East, has also increased its
production. Oman pumped one million barrels per day in July, a
0.5 percent increase from June's daily output level," ANZ bank
said on Monday.
Production in Russia and the United States also remains near
records.
(Editing by Richard Pullin)