Investing.com - Oil futures traded modestly lower in the early
part of Monday's Asian session ahead of the second-quarter reading
on Chinese GDP expected out later in the session.
On the New York Mercantile Exchange, light, sweet crude futures for
August delivery fell 0.24% to USD105.30 per barrel in Asian trading
Monday after soaring .3% Friday to settle the week at USD105.95 a
barrel by close of trade.
On the week, Nymex oil futures advanced 2.3%, the third consecutive
weekly gain. Traders boosted oil following a pair of decent
economic reports out of the U.S.
In U.S. economic news published last Friday, a Labor Department
report showed U.S. wholesale prices rose 0.8% last month, the
biggest gain since September 2012. That follows a 0.5% increase in
May. Economists expected a June increase of 0.5%.
The Thomson Reuters/University of Michigan preliminary index of
consumer sentiment fell to 83.9 in July from 84.1 in June.
Economists expected an initial July reading of 84.7. The U.S. is
the world's largest oil consumer.
Traders will now turn their attention to the China GDP report.
Various banks have been paring their 2013 GDP growth targets for
the world's second-largest economy amid a spate of disappointing
data points and Monday's GDP reading could go a long way to
affirming investors' skittishness about Chinese equities.
Recently, Macquarie Group slashed its 2013 forecast for Chinese GDP
growth to 6.9% from 7.5%, the government target. China is the
world's second-largest oil consumer.
Elsewhere, OPEC member Kuwait gave Egypt $200 million worth of oil
to help with recovery efforts in the North African nation.
Separately, press reports revealed Nigeria is now the largest
supplier of oil to India.
Meanwhile, Brent futures for September delivery inched down 0.03%
to USD107.90 per barrel on the ICE Futures Exchange.
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