• IS provokes sea-change

    It has been a grave mistake to defy both Russia and France, says Leopold Scholtz.

  • Nene's SAA nemesis

    No political figure seems to have the guts to speak out against Dudu Myeni, says Solly Moeng.

  • The mp3 revolution

    Ian Mann takes a look at the war between digital music and the compact disc.

All data is delayed
See More

China trade data weighs on oil

Jun 10 2011 10:33

Singapore - Oil prices were mixed in Asian trade on Friday as investors reacted to China's latest trade data which came in below expectations, analysts said.

New York's main contract, light sweet crude for July delivery, lost 28 cents to $101.65 a barrel and Brent North Sea crude for July delivery rose 16c to $119.73 in the afternoon.

"The China trade data was a bit weaker than expected and regional markets were weighed down by it," said Serene Lim, an analyst from ANZ Bank in Singapore.

Beijing said its trade surplus expanded to $13.05bn in May from the previous month as the value of exports hit a new record high, although the figure was sharply lower than a Dow Jones Newswires' forecast for $18.6bn.

Crude prices had been up in early trade, boosted by the first gains on Wall Street for six sessions.

"Crude oil markets are likely to be boosted by the US equity market, which recovered after six sessions of consecutive losses," Ker Chung Yang, a commodity analyst at Phillip Futures, told AFP.

US stocks closed firmer on Thursday, lifted by an unexpected narrowing of the US trade deficit in April.

Official data on Thursday showed the US trade deficit shrank to $43.7bn from $46.8bn in March on the back of record exports and a drop in imports as the economy struggles with a weak recovery.

Crude prices had also been lifted by the Organisation of the Petroleum Exporting Countries' decision on Wednesday to keep production levels steady at 24.84 million barrels per day, where it has stood since January 2009.

opec  |  oil  |  asian markets



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The 25 basis points interest rate increase is:

Previous results · Suggest a vote