. Energy News .




ENERGY TECH
Oil prices slide on more weak China data
by Staff Writers
London (AFP) April 23, 2013


World oil prices sank on Tuesday after another batch of disappointing economic data fuelled demand concerns in top global energy consumer China, analysts said.

Brent North Sea crude for delivery in June dropped 72 cents to $99.67 a barrel in London early afternoon deals.

New York's main contract, light sweet crude for June, shed 57 cents to $88.62 a barrel.

"Crude oil prices came under renewed pressure on Tuesday following disappointing Chinese manufacturing and industrial data that hurt market sentiment, confirming the view that when 'China coughs, the rest of the world catches a cold'," said Sucden analyst Myrto Sokou.

Banking giant HSBC said preliminary data showed manufacturing activity in China slowed in April due to sluggish foreign demand.

Its initial purchasing managers' index (PMI) for the month came in at 50.5, from a final 51.6 in March. A reading above 50 indicates growth and anything below points to contraction. The final result will be announced on May 2.

"New export orders contracted after a temporary rebound in March, suggesting external demand ... remains weak," Qu Hongbin, a Hong Kong-based economist with HSBC, said in a release.

The result comes just over a week after official data showed the economy grew 7.7 percent in the January-March quarter, slower than the 7.9 percent in the previous three months and below the 8.0 forecast.

"Traders are reading the Chinese PMI data in line with last week's GDP (gross domestic product) figures, giving oil some pressure on the downside," David Lennox, resource analyst at Fat Prophets in Sydney, told AFP.

"There are also concerns over oil demand, as strong growth in China was expected to offset weaker demand in the United States and Europe."

China is the world's biggest energy-consuming nation and the health of its economy is closely watched by oil traders.

burs-rfj/bcp/wai

.


Related Links
Powering The World in the 21st Century at Energy-Daily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review

Newsletters :: SpaceDaily Express :: SpaceWar Express :: TerraDaily Express :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Get Our Free Newsletters
Space - Defense - Environment - Energy - Solar - Nuclear

...







ENERGY TECH
Oil buyers owe $4bn to Iran: top official
Tehran (AFP) April 21, 2013
Iran is owed $4 billion for oil sales to customers who have been unable to pay because of sanctions imposed on the Islamic republic over its nuclear programme, a top Iranian oil official said on Sunday. "We have been unable to get paid around four billion dollars due to the sanctions," National Iranian Oil Company chief Ahmad Qalebani told reporters when asked about the amount owed by custom ... read more


ENERGY TECH
$674 billion annual spend on 'unburnable' fossil fuel assets signals failure to recognise huge financial risks

New York approves power line from Canada

Germany energy transition faces cuts after European Parliament vote

Iraq: Turkish energy plan picks up speed

ENERGY TECH
Taiwan stages live-fire drill in contested Spratlys

Iraq oil exports up in March

Oil prices slide on more weak China data

Boeing to Begin Modifying 787s as FAA Approves Battery Improvements

ENERGY TECH
U.S. leads in wind installations

Providing Capital and Technology, GE is Farming the Wind in America's Heartland with Enel Green Power

Wind skeptic British minister replaced

Using fluctuating wind power

ENERGY TECH
Department of Energy Supports Smart Solar Deployment Through truSolar

India challenges United States on solar industry subsidies

JinkoSolar Partners with University of Western Ontario to Power a Solar Car

Gov. Markell Helps Dedicate PSEG Milford Solar Farm

ENERGY TECH
Czech CEZ wants better bids for nuclear plant

UN atomic agency urges Fukushima safety improvements

Lithuania to resume nuclear plant talks: PM

Britain says will press ahead with Urenco stake sale

ENERGY TECH
Bugs produce diesel on demand

New input system for biogas systems

A key to mass extinctions could boost food, biofuel production

Sweden proposes extending tax breaks for biofuels, green cars

ENERGY TECH
Shenzhou's Shadow Crew

Shenzhou 10 sent to launch site

China's Next Women Astronauts

Shenzhou 10 - Next Stop: Jiuquan

ENERGY TECH
Late 20th century was warmest in 1,400 years

U.S. drought extent below 50 percent for first time in months

Lawrence Livermore scientists discover new materials to capture methane

EU lawmakers reject plan to make polluters pay more




The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement