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MTECHTIPS:-NYMEX crude trends weaker in Asia after weekend China industrial data
Crude eased in Asia on Monday as downbeat factory data from China at the weekend still offset a surprise spike in Japan core machinery orders. On the New York Mercantile Exchange, crude oil for delivery in April fell 0.31% to $38.38 a barrel. In Japan, core machinery orders for January spiked 15%, well above the 3.0% gain seen month-on-month and a year-on-year gain of 8.4%, far outpacing a decline of 3.6% expected. Official data released over the weekend showed that China’s factory output in the first two months of the year slowed to the weakest level since November 2008, adding to the view that the economy remains in the midst of an ongoing slowdown which will require Beijing to roll out more support in coming months. Industrial production rose by an annualized rate of 5.4% in January, below expectations for a 5.6% increase and slowing from a gain of 5.9% in the preceding month, the General Administration of Customs said on Saturday. In the week ahead, oil traders will be focusing on U.S. stockpile data on Tuesday and Wednesday for further evidence of a slowdown in production. Developments surrounding a potential deal between OPEC and non-OPEC producers to cap output will also be in focus. On Monday, the Organization of Petroleum Exporting Counties will publish its monthly assessment of oil markets. Last week, oil futures rallied to fresh three-month highs on Friday, after the International Energy Agency provided indications that the prolonged rout in oil may have hit a bottom as low prices were beginning to impact production outside of OPEC.In a monthly
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