Chinese Data, The Increase In OPEC Output Hit Oil Prices

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.

(xiang)

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Chinese New Year Holiday, Asian Mix

Monexnews-Australia stock exchange moves to consolidate the post gain occurring today. Strengthening exchanges occurred ahead of key data this week include reports on domestic earnings, a meeting of European Finance Ministers and the statement of President Barack Obama. In the Chinese New Year holidays, the market moves is relatively minimal.

Markets in China, Hong Kong, Japan, Malaysia, Singapore, South Korea, Taiwan and Viet Nam for the new year holiday. S&P Australia/ASX 200 down 0.1%. The market's focus fixed on the retail sector reports, with JB Hi-Fi soared 17.2% due to release earnings that exceeded expectations, dividend distribution and a positive outlook, while Harvey Norman up 7.0%, helped shares gain JB Hi-Fi.

"With the market closed for the Chinese New Year holidays this week and relatively uncrowded economic calendar, reports earnings will be the main focus of the market. While analysts are relatively conservative attitude over expectations of sales growth. The action happens to sell stock last week indicate Australia Cochlear number shares of estimation, misses point "explains Ric Spooner, Chief market analyst with CMC Markets. Natural resources shares move mix, with BHP Billiton and Rio Tinto were each down 0.4% and 0.5%, while Fortescue Metals Group rose 1.1% and OZ Minerals 1.2% gain.

"The anticipation of the rising market correction. While the trade balance data from China last week were strong enough to withstand the market sentiment, "explained a senior trader CMC Markets, Tim Waterer. New Zealand stocks mostly moved down with the NZX-50 fell 0.1% in the lack of market trading. Shares in the Group down 0.6% Chorus. India Sensex index moving flats, PSE Composite rises 0.4% Filipino, the JSX rose 0.4% Indonesia and Thailand SET index gain of 0.2%.

While the u.s. dollar weakened against the yen Japan slowly amid the lack of trading volume. Dollars in Y from Y 90.76 111.73 Friday night in New York. Investors are waiting for the results of a meeting of Finance Ministers of the G-20 members to Moscow this week that will set out the depreciation of the currency.

(din)

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The Impact Still Strong Chinese Import Data Supported The Oil

Monexnews-U.S. crude Contracts moved up in thin early trade Asian session, building optimism Friday after a request from China lifted in January. Brent oil contract was moving up over $ 120/barrel to its highest level Friday since May. The Data showed a rise in crude oil imports in January by as much as 7.4% per year and the 6.3% per month.

"Although there was a rise in crude oil imports which is quite memorable, soaring imports of consistently moving along with the refinery's capacity in China, with about 540,000 barrels per day in the final quarter of 2012," ANZ said. WTI-Brent contract rose $ 1.70/barrels a day last Friday and currently at $ 23. NYMEX oil contract for March rose 5 cents at $ 95.77 a barrel; the brent contract for March rose 7 cents at $ 118.97.

(AR)

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