WTI Trending Low Amid A Slowdown For Imports Into China

by on September 8, 2014 8:36 am BST

West Texas Intermediate traded near a three-day low amid a slowdown for imports into China, the world’s second-biggest oil consumer.

Futures were little changed in New York. China’s purchases declined 2.4 percent in August, compared with a 1.6 percent drop in July, data from Beijing-based customs administration show. Exports rose by 9.4 percent. WTI slid 2.8 percent last week as U.S. employers added the smallest number of jobs this year.

WTI for October delivery was at $93.27 a barrel, down 2 cents, in electronic trading on the New York Mercantile Exchange at 4:54 p.m. Singapore time. The contract slid $1.16 to $93.29 on Sept. 5, the lowest close since Sept. 2. The volume of all futures traded was about 16 percent below the 100-day average. Prices have decreased 5.2 percent this year.

Brent was steady in London. Brent for October settlement fell 7 cents to $100.75 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $7.42 to WTI. It closed at $7.53 on Sept. 5.