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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 | 66.65 | 1.36 | 2.08 |
| WTI | 64.77 | 1.51 | 2.39 |
| OPEC Basket | 65.1 | 0.03 | 0.05 |
22/06/2025
A US attack on Iranian nuclear sites could lead to a knee-jerk reaction in global markets when they reopen, sending oil prices higher and triggering a rush to safety, investors said, as they assesse
Reuters
20/06/2025
The current spike in oil prices as a result of the Iran-Israeli conflict is to be viewed as a temporary phenomenon, as there is no change in oil market fundamentals, analysts say.
"Oil and
Khaleej Times
20/06/2025
Brent crude prices pared gains from the previous session and fell nearly $2 on Friday after the White House delayed a decision on US involvement in the Israel-Iran conflict, but they were still poise
Reuters
20/06/2025
OPEC+ has proven to be the "central bank" and regulator of the global oil market, providing much-needed stability, Saudi Arabia's energy minister said. Speaking at the annual St. Petersburg Internat
Arab News
18/06/2025
Oil prices rose on Tuesday on rising disruptions from the Iran-Israel conflict, although major oil and gas infrastructure and flows have so far been spared from any substantial impact.
Brent
Reuters
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