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Oil prices down in Asia on weak China data
Source: Geo News | 01-07-2013

SINGAPORE: Oil prices were down in Asia on Monday as weak Chinese manufacturing activity fuelled concerns over energy demand in the world's second biggest economy, analysts said.

New York's main contract, West Texas Intermediate light sweet crude for delivery in August, was down 38 cents to $96.18 a barrel and Brent North Sea crude for August shed 44 cents to $101.72 in morning trade.

China's official purchasing managers index came in at 50.1 in June, down from 50.8 in May.

A reading above 50 indicates growth and anything below points to contraction.

"The poorer Chinese PMI data are fuelling concerns about oil demand in China and putting downward pressure on prices," Victor Shum, managing director at IHS Purvin and Gertz in Singapore, told.

"The market sentiment remains bearish as all the recent data out of China point to a slowdown in the Chinese economy," he said.

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USC subsidy be diverted to mills for sugar export: PSMA chief The sugar industry has asked the federal government to divert subsidy of around Rs 4 billion to the industry, presently being spent on sugar sale at utility stores, enabling the millers to export surplus sugar, as the international rates of sweetener have dropped significantly. Pakistan Sugar Mills Association Punjab Chairman Riaz Qadeer Butt, talk..... Read more
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