China's economic "pull" petrol price goes down

► industrial production growth in China is slowing, while exports rose less than expected ... more

Markets are waiting for the new monthly forecast from the Organization of Petroleum Exporting Countries (OPEC) and the U.S. Department of Energy (DOE) and the International Energy Agency


 Price of gasoline, crude oil futures on the world market fell slightly in the first session of the week (10/6), after a report showed growth in energy consumption in the economy is the world's second largest slowly.

Specifically, ending on 10/6, sweet crude, slightly over July on commodity exchanges New York eased 26 cents, equivalent to 0.3% to $ 95.77 per barrel . The session last week, the price of crude oil has soared to 1.3%, thanks to positive employment report in the U.S..

On the London Commodity Exchange, crude oil, Brent North Sea fell slightly lighter 61 cents, equivalent to 0.6% to $ 103.95 per barrel. The session last week, the oil price increase of 0.9%. The time difference between the price of New York crude and Brent North Sea in over 8 USD.

According to analysts, the energy market on 10/6 are weighed down by weak economic reports in China was announced in two days last week, showed that industrial production growth is slowing and exports increased exports, but lower than the forecast of experts.Also pay attention to the market situation of South Sudan. Speaking at a ceremony to take place on 8/6, Sudanese President Omar al-Bashir said he "direct the oil pipeline shut down oil exports of South Sudan after the South Sudan continues to support the rebels. "

Earlier, on 27/5, President Bashir has threatened to shut down the pipeline exporting South Sudan's oil through its territory, if Juba continued support for the gunmen Sudan Revolutionary Front, a coalition of 3 active rebel group against the government in South Kordofan, Blue Nile and Darfur.

However, in such a context, the level fell 26 cents is not too much, especially during the day when the dollar rose against the yen. The strong dollar has always been considered a major adverse factor for internationally traded goods are paid in this currency, of which crude oil.

Some analysts said that the reason oil prices have decreased slightly during the day is so much bad news by energy investors are waiting for the new monthly forecast from the Organization of Petroleum Exporting Countries (OPEC) and the U.S. Department of Energy (DOE) as well as the International Energy Agency.

Under the plan, the report of OPEC and DOE will be announced on 11/6 (local time), was reported by the International Energy Agency will be given the next day. It is expected the report will provide comments on the prospects for production and consumption of global energy future.

Also on the floor of the New York Commodity Exchange, closing at 10/6, gasoline prices fell slightly in July over 2 cents, equivalent to 0.8%, down to $ 2.85 / gallon. Heating oil prices at the lower limit of 0.3%, down to $ 2.88 / gallon. Natural gas prices fell 3 cents, equivalent to 0.7%, down to $ 3.80 / million BTU.