Oil eases in Asia on weaker Chinese factory output

Oil prices eased in Asian trade today as weaker Chinese factory output in May dampened investor sentiment, analysts said.

New York’s main futures contract, light sweet crude for delivery in July, shed 32 cents to $75.16 while Brent North Sea crude for July was off 31 cents at $74.98.

Industrial output from China’s millions of factories and workshops rose 16.5 per cent in May, slower than April’s increase of 17.8 per cent, the National Bureau of Statistics said today. “There might be some caution due to the Chinese industrial production data, which was slightly lower than expectations,” ANZ bank oil analyst Serene Lim said.