NEW YORK: Brent crude oil futures fell yesterday as weaker-than-expected Chinese economic data offset worries over potential supply disruptions that could be prompted by the stand-off between Russia and Western powers over Ukraine.
US crude futures rose slightly, as positive retail sales and labor market data raised optimism about the economy and outweighed concerns over China. Data from China showed growth in investment, retail sales and factory output all fell in the first two months of the year to multi-year lows in the world’s second largest consumer of oil, amplifying worries about a slowdown.
US crude rose 21 cents to settle at $98.20 a barrel. Brent crude fell 63 cents to settle at $107.39 a barrel. Yesterday’s slight rise in UScrude came after the American benchmark plunged more than 2 percent on Wednesday to its lowest level since January, after the government surprised markets by announcing a test release from its strategic petroleum reserve, and weekly inventory data showed a larger-than-expected rise in crude stockpiles. Reuters
