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NYMEX-Oil slips on worries over China demand
July 14, 2013 / 11:59 PM / 4 years ago

NYMEX-Oil slips on worries over China demand

SINGAPORE, July 15 (Reuters) - U.S. crude futures slipped in
early Asian trade on Monday on concerns over demand as GDP
growth in the world's No.2 oil consumer China is expected to
have slowed further in the second quarter.
    U.S. crude had slipped 18 cents to $105.82 a barrel
by 2326 GMT, while Brent fell 1 cent to $108.80. U.S.
oil settled up $1.04 on Friday and Brent ended $1.08 higher.
    Oil had rebounded on Friday, led by the biggest surge in
gasoline futures this year as a string of refinery outages
stoked concerns about fuel supplies in the heart of the U.S.
summer driving season. 
        
    FUNDAMENTALS
    * Data on Monday is expected to show China's GDP growth
slowed in April-June as weak overseas demand weighed on output
and investment, providing a test for Beijing's resolve to revamp
the world's second-biggest economy. 
    * The wide divergence of opinion within the U.S. Federal
Reserve over when to wind down its unprecedented support for the
U.S. economy was on full display on Friday, starkly illustrating
Chairman Ben Bernanke's leadership challenge for the rest of
this year.  
    * South Korea imported 565,444 tonnes of crude oil, 138,000 
barrels per day (bpd), from Iran in June, down 23 percent from a
year ago, preliminary data from the Korea Customs Service showed
on Monday.   
    * Israeli Prime Minister Benjamin Netanyahu said on Sunday
that Iran was getting closer to the "red line" he set for its
nuclear programme and warned the international community not to
be distracted by the crises in Syria and Egypt. 
            
    MARKETS NEWS
    * The U.S. dollar was marking time early Monday as investors
tensed for the economic data from China that could well set the
near term course for Asian currencies and the Australian dollar.
 
    * U.S. stocks advanced on Friday, supported by banks' strong
earnings, but Boeing limited the Dow's gain after an airplane
fire in London. 
        
    DATA/EVENTS    
    * The following data is expected on Monday:
    - 0200  China    GDP yy                   Apr  
    - 0200  China    Industrial output yy     Jun   
    - 0200  China    Retail sales yy          Jun  
    - 0200  China    Urban investment (ytd)yy Jun 
    - 1230  U.S.     Retail sales mm          Dec  
    - 1400  U.S.     Business inventories mm  Dec 

 (Reporting by Manash Goswami; Editing by Joseph Radford)

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