MTECHTIPS:-Crude down in Asia ahead of China trade, API estimates
MTECHTIPS:-Crude down in Asia ahead of China trade, API estimates late on Tuesday
MTECHTIPS-Crude dipped in Asia on Tuesday as markets await China trade figures slated an imports in focus and look ahead to industry estimates on inventories in the U.S. On the New York Mercantile Exchange crude futures for September delivery eased 0.16% to $49.31 a barrel, while on London’s Intercontinental Exchange, Brent was last quoted at $52.24 a barrel. China is expected to report exports rose 10.9% in July year-on-year, down from an 11.3% gain in June, while imports rose 16.6%, compared to a 17.2% increase in the previous month for a trade balance surplus of $46.08 billion, wider than the $42.77 billion in June. Late on Tuesday, the American Petroleum Institute will provide its estimates of crude oil and refined product stocks at the end of last week to be followed by official data on Wednesday from the Energy Information Administration. Earlier, Japan said its adjusted current account fro June reached ¥935 billion, wider than the ¥814 billion in surplus seen, but narrower than the ¥1.654 trillion in May. Overnight, crude futures settled lower on Monday, amid renewed oversupply jitters, following an uptick in U.S. output to a two-year high while concerns over Opec’s wavering commitment to production cuts continued as a meeting of Opec and non-Opec members got underway.
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