Publications
Partners
London - Oil prices fell on Thursday after weak Chinese trada data, but losses were curbed by upbeat US demand and tensions over Ukraine, analysts said.
New York's main contract West Texas Intermediate (WTI) for delivery in May fell 27 cents to $103.33 a barrel.
Brent North Sea crude for May dropped 52 cents to stand at $107.46 a barrel in late London deals.
Government data on Thursday showed Chinese imports slumped 11.3% year-on-year to $162.4bn in March while exports fell 6.6 percent to $170.1bn, resulting in a trade surplus of $7.7bn.
The numbers may raise further concerns about the health of China's economy, which has shown signs of weakness recently with a string of disappointing indicators, including on industrial production and consumer spending.
"The weak exports highlighted a possible further contraction in the nation's manufacturing sector ... thereby trimming demand prospects for crude oil," said Tan Chee Tat, investment analyst at Phillip Futures.
"Decline in imports offered more confirmation on China's decreasing economic activities, denoting lower demand for raw materials and intermediate products," he said.
Sanjeev Gupta, the head of the Asia-Pacific oil and gas practice at consultancy firm EY, said oil prices retained upside pressure from signs of robust gasoline demand in the United States, the world's biggest economy.
The latest official US supply report showed a drop of 5.2 million barrels of gasoline supplies, much more than the 700 000 barrel decline that had been projected.
Analysts said oil prices remained propped up also by the heightened tensions in eastern Europe.
With Ukraine a key conduit for Russian gas to Europe, traders fear that any armed conflict will disrupt supplies and send oil and gas prices skyrocketing.
Russian deliveries account for 34% of the natural gas supplies to the European Union, according to the Soufan Group, a US-based intelligence firm.
Elsewhere, Libya's National Oil Co (NOC) on Thursday lifted a force majeure on a crude export terminal recovered from rebel hands, pathing the way for renewed exports.
The rebels' seizure of four eastern oil terminals last July in pursuit of their campaign for restored autonomy for the eastern Cyrenaica region slashed output from 1.5 million barrels per day to just 250 000 bpd.
Tripoli says the blockade has cost the country more than $14bn (€10.1bn) in lost revenues.
