BLBG:Oil Pares Weekly Gain In New York As China Export Growth Eases
Oil pared a weekly gain, dropping as much as 0.5 percent in New York, as a collapse in China’s export growth added to signs the global economy is weakening.
Futures for September delivery declined 42 cents to $92.94 a barrel in electronic trade on the New York Mercantile Exchange at 1:08 p.m. in Singapore, paring the week’s advance to 1.7 percent.
China’s outbound shipments increased 1 percent in July from a year earlier, the customs bureau said in a statement today in Beijing. That compares with the 8 percent median estimate in a Bloomberg News survey of analysts and 11.3 percent in June.
To contact the reporter on this story: Ann Koh in Singapore at akoh15@bloomberg.net
To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net
