Oil prices drop as Сhina issues weak statistics

YEREVAN, May 10. /ARKA/. The price of oil fell Thursday touched off by weak statistics from China, U.S. oil supply data and perspectives for European economy , trading data shows, RIA Novosti reports. 

As of 09:30 (Moscow time) the June futures price for American Light Sweet Crude Oil (WTI) slip by 0.33 dollars or 0.34% to 96.48 dollars 

per barrel. June futures price for North Sea Brent oil mix lost 0.38% or 0.43 dollars reaching 112.77 dollars per barrel. 

Prices have been declining in reaction to disappointing data from China, showing the country’s export to grow just by 4.9 % instead of the projected 9.1% in April. The country’s trade surplus was 18.42 billion dollars within the reported month. 

Moreover, Energy Ministry said that U.S. nation’s oil supply boosted last week by 3.64 million barrels or 0.9% to 379.5 million barrels. Another negative factor for tumble in oil prices was a political instability in Greece and threat for debt crisis enhance in euro zone. --0--