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Oil Erases the Week’s Gains on Slower Growth and IEA Comments

“Oil fell the most in six days, paring its weekly gain, as a collapse in China’s export growth signaled the global economy is weakening and the International Energy Agency said demand expansion is slowing.

Futures fell as much as 1.5 percent in New York after the customs bureau in Beijing said today that China’s net oil imports shrank to the lowest level this year. The bureau also said outbound shipments of all goods increased 1 percent in July from a year earlier, compared with an 8 percent median estimate in a Bloomberg survey of analysts. The Paris-based IEA cut global oil demand forecasts for this year and next.

“Most of the drop in oil prices today come from macro figures in China,” Thina Saltvedt, an analyst at Nordea Bank AB, said by phone from Oslo. “It started with China and then the IEA. That just added to the gloomy picture.”

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