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15/07/2010 00:00 AST
World oil prices eased below $77 in Asian trade Thursday mainly on reports of weak Chinese economic growth
Light sweet crude for August delivery was seen trading at $76.54 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 76.41 a barrel in London.
Analysts said market will respond immediately to any reports coming from world's two top oil consumers, the US and China.
The black gold edged lower on reports of slowdown in Chinese economic growth in the second quarter and U.S. Federal Reserve minutes renewed concerns about the recovery of the world economy.
Profit taking by traders from Wednesday's rally spurred by a better-than-expected fall in US crude stockpiles also hit oil, they added.
World's second-largest oil consumer, China's annual gross domestic product growth moderated to 10.3 percent in the second quarter from 11.9 percent in the first quarter, slightly below forecasts of 10.5 percent growth.
Asian stocks virtually erased losses after the Chinese reports while the oil market participants also awaited U.S. economic indicators, including industrial output, due later on Thursday.
On Wednesday, crude settled at $77.04 after rising as high as $78.15. Crude hit a low of $76.38 before the bullish crude inventory data was released. Brent crude ended up 12 cents at $76.77.
Commodityonline
| Ticker | Price | Volume |
|---|
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Brent | 70.36 | 0.9 | 1.3 |
| WTI | 67.04 | 0.68 | 1.02 |
| OPEC Basket | 71.75 | -0.75 | -1.03 |
07/03/2025
Oil prices rose on Thursday after heavy sell-offs drove the market to a multi-year low, however tariff uncertainties and a rising supply outlook capped gains.
Brent futures were trading up 3
Reuters
04/03/2025
OPEC+ has decided to proceed with a planned April oil output increase, the group said on Monday, a move that follows U.S. President Donald Trump renewing pressure on OPEC and Saudi Arabia to bring do
Reuters
24/02/2025
Oil prices edged higher on Monday as fresh US sanctions on Iran and a commitment to compensate for overproduction by Iraq added to concerns of near-term supply tightness, helping the market recover s
Reuters
21/02/2025
Oil prices fell on Friday but were still poised for a weekly gain on supply disruption in Russia while uncertainty looms over a potential peace deal in Ukraine.
Brent futures slipped by 73 c
Reuters
05/04/2018
Opec crude production dropped to the lowest in a year amid the woes in Venezuela's oil industry. Output from the 14 members of Organisation of Petroleum Exporting Countries fell by 170,000 barrels to
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