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Crude-oil slips as China trade data disappoints

Published: May 10, 2012 | 8:18 am
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SYDNEY — Crude oil futures slipped in electronic trading Thursday, putting the commodity on track for seven session losing streak, as disappointing Chinese trade data cast another shadow on the global economy.

Crude-oil for June delivery CLM2 -0.30% edged down 5 cents, or 0.1%, to $96.76 a barrel on the New York Mercantile Exchange during Asian trading hours.

The falls extend the longest downward run for crude since July 2010, as concern about the future of the euro zone dampened expectations for energy demand, and weighed on prices earlier in the North American session. Read more on Wednesday’s oil session.

Disappointing China trade data released Thursday raised fresh concerns about the resilience of the Chinese economy amid softening global demand. Read more on April China trade figures.

Meantime, China’s imports of crude oil fell for a second straight month, but were still higher than a year earlier on the back of demand for stockpiling and refined oil products, reports citing preliminary data from the General Administration of Customs Thursday said.

Oil prices were further pressured as the dollar stretched its gains into a ninth day.

The ICE dollar index DXY -0.06% , which measures the greenback against a basket of six rivals, traded at 80.095, edging up from 80.083 in late North American trading Wednesday.

A stronger greenback can discourage investment in dollar-priced commodities such as crude, as it makes them more expensive to holders of other currencies.

marketwatch

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