Brent hits fresh two-year low on China weakness
ecPulse
2014-09-15 08:27AM UTC
Brent crude lost momentum with the start of the week, heading to lowest in more than two years below $97 on Monday. The reason behind today`s lackluster performance was a raft of weak economic data from China, the world`s biggest oil consumer. The oil sentiment is weighed again by prospects for demand in china, as the country`s Industrial production growth slowed to its lowest level since pre-crisis levels, according to data released Saturday, along with weaker fixed-asset investment, retail and real estate sales reports, adding pressure on Beijing to increase stimulus measures to spur growth in the country. According to the National Bureau of Statistics, industrial production rose 6.9% from a year earlier, camped with the 9.0% in July and analysts` average forecast of 8.8%. Fixed-asset investment in nonrural China rose 16.5% from a year ago, slower than the 17.0% increase in July. Separately, retail sales also expanded 11.9% from a year ago, yet down from the 12.2% level in July. Later this week, investors will be watching the Federal Reserve`s policy meeting for trading clues. The firmer U.S. dollar is still taking a toll on dollar-denominated commodities. The USDIX stood around 84.33 and pushing slightly off the 14-month high of 84.51 hit last Tuesday. - West Texas Intermediate for October delivery fell 0.88% to $91.46 a barrel on the New York Mercantile Exchange - Brent for October delivery fell 0.56% to $96.57 a barrel on the ICE Exchange in London
Commodities News
Commodities
Oil prices reverse lower, with US crude slumping 7% this week
2024-05-03 19:36PM UTC
Oil prices fell on Friday to seven-week lows amid concerns about oversupplies after an unexpected ...
Commodities
Gold under pressure ahead of US jobs data
2024-05-03 08:37AM UTC
Gold prices fell in European trade on Friday, extending losses for the second straight session and ...
Commodities
Gold gains ground as dollar dips while traders digest Fed's decisions
2024-05-02 18:30PM UTC
Gold prices rose on Thursday as the dollar fell against most major rivals, while investors digest ...
Commodities Technical Analysis
Commodities
Brent oil price forecast update 03-05-2024
2024-05-03 13:54PM UTC
Brent oil price shows new negative trades now in attempt to resume the correctional bearish trend, ...
Commodities
Crude oil price forecast update 03-05-2024
2024-05-03 13:54PM UTC
Crude oil price resumes its negative trading to move away from 79.60$ level, reinforcing the ...
Commodities
Silver price forecast update 03-05-2024
2024-05-03 13:53PM UTC
Silver price declines again to reach our waited target at 26.00$, waiting to break this level to ...