Oil prices fell yesterday heading towards $ 110 a barrel as the latest data from the renewed China worries about the economic recovery in the second-largest crude-consuming nation in the world.
The data showed fall in industrial production in January and February to the lowest level since the start of the wave of economic recovery in China in October 2012, while the consumer price index rose to its highest level in ten months in February.
Brent crude fell 62 cents to $ 110.32 a barrel after transactions concluded last week slightly higher to stop a three-week decline.
U.S. crude fell 19 cents to 91.76 dollars.
Brent down in futures trade on Friday after the U.S. dollar rose to its highest level in three and a half years against the yen and the highest level in three months against the euro after strong data for the labor market in the United States.
A source familiar with the trade in petroleum yesterday that Saudi Arabia, the largest oil exporter in the world will provide a buyer with an Asian and at least one full contracted quantities of oil for the month of April and unchanged for March.
The move was unexpected because the largest oil producer in OPEC has consistently supply full contracted volumes to most Asian buyers since late 2009.
Expects Saudi Arabia, which pumped 9.15 million barrels a day of crude oil in February to raise its oil production in the second quarter of the year to keep pace with rising demand from China and fuel economic recovery in other regions.
The dealer said yesterday that Iraq cut the official selling price of Basra Light crude Download April to Asian buyers.
He explained that the price of the April shipments to Asian buyers fell to less than $ 1.80 a barrel for the average price of Oman crude and Dubai, down 75 cents from a discount of $ 1.05 in March.
While commercial source said that Kuwait set the official selling price for April shipments of crude oil destined for Asia at least $ 1.15 a barrel for the average price of Oman crude and Dubai, down $ 0.75 from the previous month.
The statement said the Yemeni government official selling price for Masila crude Download May set at a premium of $ 0.95 a barrel above the price of Brent, up 40 cents from the previous month.
According to the statement issued late the day before yesterday Arcadia bought two million barrels from 2.1 million barrels of crude gas displayed Yemen. The government has set the official selling price for May shipments of Marib Light crude at the same level as Brent, unchanged from April. And Aden Refinery Company will buy all the supply of Marib Light crude of 1.9 million barrels.