GPS News  
OIL AND GAS
Oil retreats in Asia as China slowdown weighs
by Staff Writers
Singapore (AFP) Oct 19, 2015


Oil fell in Asia Monday after official data showed China's economy posted its slowest growth for more than six years in the third quarter, reinforcing worries about demand from the world's top energy guzzler.

The government said gross domestic product (GDP) for the world's second-biggest economy rose 6.9 percent in the three months to September, beating market forecasts but still the worst since 2009.

Growth in China's industrial production, which measures output at factories, workshops and mines, also dropped sharply to 5.7 percent year-on-year in September, the government said.

"Although China's retail sales turned out strong, industrial related data remained weak. This would likely be weighing down on commodity usage in China," Daniel Ang, an investment analyst with Phillip Futures in Singapore, said in a market commentary.

"With weak Chinese industrial production, we may see Chinese manufacturing PMI worsen, thus, leading to weaker oil prices," he said, referring to the forward-looking Purchasing Managers' Index to be released later this week.

The market will also be on the lookout for economic data from the United States and the eurozone expected to be released this week.

"Considering the expectations for both China and eurozone, we could see US being the tie breaker between oil bulls and bears. US data has not been exceptionally strong, and thus, could mean that oil prices could be facing some headwinds towards the end of the week," Ang said.

In Asian trade, US benchmark West Texas Intermediate for November delivery was down 10 cents to $47.16 and Brent crude for December fell 12 cents to $50.34 a barrel at around 0300 GMT.

Both contracts fell for four straight trading days last week before advancing Friday on the back of data showing a fresh decline in US oil exploration, which suggested lower output that could help ease the global oversupply.

Sanjeev Gupta, head of the Asia Pacific oil and gas practice at professional services firm EY, said the market will also be seeking clues from a meeting of OPEC and non-OPEC technical experts in Vienna on Wednesday.

Oil-producer Russia said last week it was prepared to discuss output cuts during the meeting.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
China To Continue Expanding Its Influence In The Oil And Gas Sector
London, UK (SPX) Oct 15, 2015
Since 2009, China has been taking a much more active role in its pursuit of international oil contracts. In 2009, for the first time, Saudi Arabia exported more of its oil to China than it did to the U.S. China also made large investments in Saudi Arabia's oil refining industry as well. But China's oil investments didn't stop there; they also pursued oil producing Canadian assets in 2011-12. ... read more


OIL AND GAS
Syria's Arctic seed vault relocated to Morocco, Lebanon

Researchers learn how to keep pathogens, pests from traveling with grain

Trade in invasive plants is blossoming

Colorful caterpillar chemists

OIL AND GAS
Chemical microdroplet computers are easier to teach than to design

EU clears chipmaker Intel's $16.7 bn buyout of Altera

Scientists paint quantum electronics with beams of light

New optoelectronic probe enables communication with neural microcircuits

OIL AND GAS
Lighter weight pilots banned from F-35 over faulty ejection seat

First modernized Helibras Pantera helicopter takes flight in Brazil

German army reveals new fault in problem-plagued Eurofighter

Cathay suspends flights over Iran after missile warning

OIL AND GAS
Pakistani entrepreneurs launch 'Uber for rickshaws'

French love affair with diesel set to end

Tesla cars can now almost drive themselves

Uber slip exposes data of some US drivers

OIL AND GAS
Business ties herald 'golden era' as China's Xi visits UK

China imports plummet on weak commodities prices

China calm over TPP isolation as it pursues regional deals

Amazon opens online shop for handmade goods

OIL AND GAS
Could contaminated land actually be good for trees

Rising seas will drown mangrove forests

Climbing plants disturb carbon storage in tropical forests

Extreme Amazon weather could have global climate consequences

OIL AND GAS
Sentinel-3A shows off

China reports less pollution from burning straw

NASA Eyes on Earth Aid Response to Carolina Flooding

New study indicates Earth's inner core was formed 1-1.5 billion years ago

OIL AND GAS
New design rule brings nature-inspired nanostructures one step closer

Molecular nanoribbons as electronic highways

Developing a nanoscale 'clutch'

Pirouetting in the spotlight









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.