Brent crude oil futures dipped in value on Thursday following the release of underwhelming economic data by China, the world's second-largest user of the energy commodity, according to Bloomberg.
Confidence about resumption of production in Libya also tugged down the price of crude oil during the Thursday trade session. International exports from China fell 6.6 percent last month as compared to the same period one year ago while imports dropped 11 percent, according to data released by the Chinese General Administration of Customs.
"These trade figures have cooled off the market," regional head of oil and gas research Gordon Kwan with Nomura Holdings Inc. in Hong Kong told the news source on Thursday. "That suggests intensifying concerns about weak manufacturing and slowing growth in the Chinese economy."
At 9:42 a.m. on Thursday, West Texas Intermediate crude oil futures edged down 0.35 percent, a 36-cent loss to $103.24 per barrel. Brent crude oil futures dropped 0.39 percent, a 42-cent dip to $107.56 per barrel.
Reuters reports the Organization of Petroleum Exporting Countries reduced its projections for crude oil production this year.
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