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10.08.2012 15:50

Oil prices fell on concerns about global demand

The cost of oil futures fell after disappointing data on China and on the background of the revision of the International Energy Agency forecast on global demand for oil.

As shown by the data, China's trade surplus fell to $ 25.1 billion in July, compared with $ 31.7 billion in June. Predicted that the figure will be $ 35.2 billion.

Also, China, which is the second largest consumer of the world's oil, said the low level of crude oil imports for nine months.

Worse-than-expected data for China in fact, supported oil prices in the past, as traders hoped that the Chinese government will introduce a new set of stimulus measures to restore economic growth. Nevertheless, a steady stream of negative news, not only from China but the U.S. and Europe, has become so large that it affected the price of oil.

Also, the International Energy Agency lowered its forecast for 2012 world oil prices and growing demand to 0.8 million barrels a day from one million barrels per day.

In its monthly report published on Friday, data showed that demand was weaker than in the previous month, particularly in China, Russia and the Middle East.

The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX dropped to $ 92.77 a barrel.

September futures price for North Sea Brent crude oil mixture dropped to $ 112.58 a barrel on the ICE Futures Europe Exchange.

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