Tuesday, March 12, 2013

Chinese Data, The Increase In OPEC Output Hit Oil Prices

Data Cina, Kenaikan Output OPEC Menekan Harga Minyak

Monexnews-the price of oil dropped to the lowest level this year and to decline in the manufacturing sector both as weekly China expands less than expected and the level of OPEC crude oil production rose for the first time in six months. Oil is down to the bottom level of $ 90 a barrel for the first time this year. The Organization of Petroleum Exporting Countries increased its output by as much as 97,000 barrels to 19.1 million barrels per day in February. China's Manufacturing PMI index dropped to 50.9 last month compared with an estimated increase to 31.4. Anxiety about trimming spending levels in the US were also pressuring oil prices.

"There are worries about slowing growth in China," said Robert Montefusco at the Sucden broker, senior Financial Ltd. in London.


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Title Post: Chinese Data, The Increase In OPEC Output Hit Oil Prices
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