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Crude Oil stabilized below US$70 bbl as mixed economic data failed to provide momentum in either direction. Light, sweet crude for October delivery ended 9 cents lower at US$67.96 bbl on the New York Mercantile Exchange. The contract earlier rose to an intra-day high of US$69.40 bbl on US stock gains and a weaker US$. Wall Street was driven up by upbeat retail sales after a four day losing streak for the Standard & Poor’s 500 Index. In London, Brent Crude for October delivery fell 54 cents to settle at US$67.12 bbl on the ICE Futures exchange.

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China’s industrial output up 10.8% in July

China’s industrial output rose 10.8% in July from a year earlier, after gaining 10.7% in June, the Chinese National Bureau of Statistics told LTN Tuesday.

It is the second time since September last year that output saw double-digit growth after the government put in place powerful fiscal and monetary policies to boost economic growth.

The July growth rate was 3.9 percentage pts lower than a year earlier level, but 0.1 percentage pt higher than June. The first seven months saw the growth of industrial output at 7.5% from a year earlier, higher than the 7 % for the first half of Y 2009 In July, the output of heavy industry rose 11.3% and light industry was up 9.2 %. Read more

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