Oil Pares Weekly Gain as Chinese Exports Signal Global Slowdown


10/08/2012 10:24 AST  Bloomberg
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Oil fell for the second time in five days, paring its weekly gain, as a collapse in China’s export growth added to signs the global economy is weakening.

Futures fell as much as 0.5 percent in New York after China’s outbound shipments increased 1 percent in July from a year earlier, the customs bureau said in a statement today in Beijing. That compares with the 8 percent median estimate in a Bloomberg News survey of analysts and 11.3 percent in June. The country’s net oil imports shrank to the lowest level this year.

“China is a major importer of oil and when that country slows, there’s going to be a negative effect,” said Madhavi Mehta, an energy analyst at Kotak Commodity Services Ltd. in Mumbai. “This isn’t just a blip. The sentiment may be weak in the market because the economy isn’t picking up.”

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