Oil
prices fell in Asia today following a surprise increase in US
commercial crude-oil stockpiles and a slew of soft economic data from
leading energy consumers. US benchmark West Texas Intermediate for
September delivery eased 28 cents to USD 97.31 while Brent crude for
September shed 50 cents to USD 103.78 in mid-morning trade. A build
in US inventories for the first time in seven weeks weighed on
prices, analysts said. US crude-oil inventories rose by 1.4 million
barrels, to 367.0 million, in the week ending August 8, the
Department of Energy said. Crude-oil supplies had contracted by
roughly 22 million barrels over the prior six weeks. The inventories
increase surprised analysts, who expected a decline of 1.7 million
barrels, according to a survey by Dow Jones Newswires. Benchmark
prices also weakened due to "soft economic data from Europe and
China", said Sanjeev Gupta, head of the Asia-Pacific oil and gas
practice at consultancy firm EY. A string of disappointing Chinese
data released Wednesday raised concerns about growth in the world's
second largest economy and top energy consumer. The Asian giant's
bank lending plunged to 385.2 billion yuan (USD 62.5 billion) in
July, a dramatic decline from June's 1.08 trillion yuan as the
weakening property sector hit demand for loans. Also, data for
industrial output, retail sales and fixed-asset investment were in
line with expectations but slightly slower from the previous month's
data. In Germany, investment sentiment fell to its lowest level in
nearly two years in August amid concerns about the economic fallout
from current global crises, a survey found on Tuesday. The widely
watched investor confidence index calculated by the ZEW economic
institute fell by 18.5 points to 8.6 points in August, its lowest
level since December 2012. Analysts had expected only a minor fall.
Germany, Europe's largest economy, is the world's eighth largest
energy consumer, according to the US Energy Information
Administration (EIA).
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