Investing.com - Crude prices edged lower on Tuesday, as soft
Chinese trade data continued to spook investors with fears
emerging-market economies are cooling while concerns that U.S.
weekly inventory data may disappoint also watered down prices.
On the New York Mercantile Exchange, West Texas Intermediate
crude for delivery in April traded at $100.18 a barrel during U.S.
trading, down 0.93%. New York-traded oil futures hit a session low
of $100.12 a barrel and a high of $101.52 a barrel.
The April contract settled down 1.42% at $101.12 a barrel on
Nymex oil futures were likely to find support at $99.41 a
barrel, the low from Feb. 13, and resistance at $102.89 a barrel,
Weak Chinese trade continued to bruise
Data released over the weekend showed that Chinese exports fell
18.1% on-year in February, defying expectations for a 6.8%
increase, following a rise of 10.6% in January.
A separate report showed that the annual rate of inflation in
China slowed to 2.0% in February, from 2.5% in January.
The numbers confirmed market concerns that emerging markets are
China is the world's second-largest consumer of crude oil.
The numbers also sparked concerns that U.S. demand for
Chinese-made goods may have taken a hit due to a string of harsh
winter storms, which may reflect in Wednesday's supply data as well
as Thursday's data on U.S. retail sales.
The American Petroleum Institute will release its inventories
report later in the day, while Wednesday's government report could
show crude stockpiles rose by 2.2 million barrels in the week ended
The data was also expected to show that distillate stockpiles,
including heating oil and diesel, decreased by 1.1 million barrels,
while gasoline stockpiles were forecast to drop 2.2 million
Elsewhere, on the ICE Futures Exchange in London, Brent oil
futures for April delivery were up 0.01% and trading at US$107.53 a
barrel, while the spread between the Brent and U.S. crude contracts
stood at US$7.35 a barrel.
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