Asian Current Crude Prices Mixed

The current crude prices in Asia were mixed as traders weighed hopes for stimulus measures in the United States with disappointing data on the industrial output of China.

The crude price per barrel in the NYMEX for October delivery lost 14 cents to $96.28. Meanwhile, the crude price of Brent for delivery in October moved 7 cents higher to $114.32 per barrel in London.

Traders were thinking about hopes for new US stimulus following a disappointing employment report and poor growth in China’s industrial output, the lowest level in over three years. The present markets in Asia could present some instability in addition to ongoing news and policy responses from the United States.

Recently released US employment data showed that the country’s economy, which is the biggest oil consumer worldwide, only added 96,000 jobs for the month of August as the official unemployed figures fell by 250,000, to 12.5 million.

However, around 368,000 individuals stopped looking for a job and left the labor market, causing a significant net increase in the overall number of unemployed Americans who are still within working age.

In China, the released report of the National Bureau of Statistics showed that the country’s year-on-year industrial output grew 8.9 percent over the past month. That is the lowest number since during the deep crisis of the global economy in May 0f 2009.

The economy of China has witnessed a significant easing over the previous year, with only a 7.6 percent growth in quarter two of 2012, the lowest performance in a three-year period and the sixth consecutive quarter of easing.

By: Chris Termeer