2014.08.0723:54:17UTC+00WTI on track for third weekly decline

West Texas Intermediate is set to have another losing week just before economic data on China’s imports is about to be released.

Futures for the American crude with a delivery date in September were mostly unchanged and was trading at a price per barrel 9 cents greater at $97.43 mid morning Sydney time on the New York Mercantile Exchange. It climbed up by 0.4%, or 42 cents, yesterday to reach $97.34 per barrel, but is still down this week by 0.5% paving the way for a third straight losing week. Trading volume was 18% less than the 100 day average.

Analysts surveyed by a Bloomberg News expect that Chinese imports will be shown as having risen in July by 2.6% to retreat from the previous month’s 5.5% gain. Survey results also indicate export levels will have dropped from 7.2% in June to 7% in July. Official data from the Chinese government’s customs department is expected to be released later on today.

Statistics from the International Energy Agency says that China is the world’s second largest oil consumer and will be responsible for 11% of crude demand around the world this year. The United States is the top consumer accounting for 21% of global demand.

Brent, the European benchmark, advanced the most in two weeks due to concerns over the capture of Iraq’s largest dam by Islamist militants. Prices went up yesterday by 0.8%, or 85 cents, for a price per barrel of $105.44 in London’s ICE Futures Europe exchange. It held a premium over WTI of $8.10.