Weekly Fundamentals - Brent Crude Soared Despite IEA's Cut on Demand Outlook

By International Business Times,  August 11, 2012, 02:52:19 PM EDT

Disappointing Chinese trade data and downgrade of IEA's oil demand forecasts triggered retreat in oil prices on Friday, despite gains were restored on weekly basis. China's trade surplus narrowed sharply to $25.15B in July from $31.72B a month ago. Export growth declined to +1.0% y/y, compared with +11.3% in June, reflecting weakness in global economic activities. Deterioration of the sovereign debt crisis in the Eurozone and the economic slowdown in the US hurt China's export demand in July. Import growth also dropped to +4.7% y/y from +6.3% in June.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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