Oil remains lower despite positive Chinese data
Friday, 11 June 2010
SINGAPORE, June 10 (Commodity Online): Oil remained lower in Asian trade Thursday despite a positive Chinese data which shows increase in overall exports of the country.
Light sweet crude for July was seen trading at $74.23 a barrel at 12.00 noon Singapore time while Brent crude was at $ 74.01 a barrel in London.
Analysts said an official data showing Chinese overall exports surged in May offset weaker demand readings in top consumer the US.
China's General Administration of Customs on Thursday said country's exports rose 48.5 per cent in May from a year earlier, beating forecasts of a 32 per cent gain.
Light sweet crude for July was seen trading at $74.23 a barrel at 12.00 noon Singapore time while Brent crude was at $ 74.01 a barrel in London.
Analysts said an official data showing Chinese overall exports surged in May offset weaker demand readings in top consumer the US.
China's General Administration of Customs on Thursday said country's exports rose 48.5 per cent in May from a year earlier, beating forecasts of a 32 per cent gain.