Oil prices decreased slightly today, after China’s export growth fizzled out in September to post a surprise fall, which signalled that the world’s second largest economy was gaining strength and reflecting weak global demand for oil.
Brent crude dropped by 11 cents to $111.26 a barrel, while US crude was down by ten cents to settle at $101.92, reported Reuters.
The Customs Administration reported on Saturday that China’s annual exports dropped 0.3% in September, sharply deviating from market expectations for a rise of six percent, and marking the worst performance in three months.
The investors are waiting for the results of resolving the impasse, where the Senate and House of Representatives are scheduled to meet on Monday, which is the Columbus Day holiday.
China’s daily imports of crude rebounded in September from the previous month to a fresh record, bearing out forecasts for the country to overtake the US as the world’s largest oil importer, as refineries restarted following maintenance.
Average imports of crude in September stood at 6.25 million barrels per day, up 28% on the year and topping the previous record of 6.15 million bpd set in July.
Image: Brent’s value decreased after China’s crude exports declined. Photo courtesy of freedigitalphotos.net.