Investing.com - Crude prices took a dive on Monday after poor
Chinese trade figures spooked investors with fears emerging-market
economies are cooling and will consume less fuel and energy.
On the New York Mercantile Exchange, West Texas Intermediate
crude for delivery in April traded at $101.21 a barrel during U.S.
trading, down 1.34%. New York-traded oil futures hit a session low
of $100.86 a barrel and a high of $102.73 a barrel.
The April contract settled up 1.00% at $102.58 a barrel on
Nymex oil futures were likely to find support at $100.17 a
barrel, Thursday's low, and resistance at $102.89 a barrel,
Weak Chinese trade data bruised
Data released over the weekend revealed 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 fears that emerging markets are
China is the world's second-largest consumer of crude oil.
Cushioning losses, however, were ongoing geopolitical tensions
in Ukraine and Libya, which could threaten global supply if
Friday's better-than-expected U.S. jobs report offset losses as
well by boosting hopes demand will pick up in the world's largest
consumer of oil.
The Bureau of Labor Statistics reported Friday that the U.S.
economy added 175,000 jobs in February, beating expectations for a
January's figure was revised up to 129,000 from 113,000.
Elsewhere, on the ICE Futures Exchange in London, Brent oil
futures for April delivery were down 0.90% and trading at US$107.49
a barrel, while the spread between the Brent and U.S. crude
contracts stood at US$6.28 a barrel.
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