LOP:WTI oil trading flat, could turn lower on weak economic data
WTI oil futures open Monday’s trading session flat near $99 a barrel as investors await reports that may show weak economic growth in the US and China, which could turn oil prices lower.
Latest WTI Oil Price
US Light crude oil futures for July 2011 delivery was trading at $98.85 a barrel, 07.45 GMT this morning in electronic trading on the NYMEX.
“Weak economic data will subdue the oil market. I am concerned if stock markets continue to go down and that depends on the economic reports.” said Ken Hasegawa, a commodity derivative sales manager at broker Newedge in Tokyo.
Economic Forecasts
US advance retail sales are set to drop 0.5 percent, following a 0.5 percent gain in April, while China’s industrial production growth may have slowed to 13.1 percent in May from 13.4 percent in April.
