Brent dips on Chinese New Year holiday

Performers in a lion costume dance on poles in Trafalgar Square to celebrate Chinese New Year, in central London February 1, 2009. REUTERS/Andrew Parsons (BRITAIN)

Thin trade: the Chinese New Year holiday caused Brent to dip on Monday

Andrew Parsons

News Wires

 11 February 2013 06:13 GMT

Brent oil futures dipped slightly in Asia early on Monday in thin trading due to the Chinese New Year holiday, but data showing stronger than expected demand growth in China limited losses.

On Friday, Brent crude prices hit a nine-month high near $119 per barrel after news that Chinese oil imports rose in January to their third-highest daily rate on record.

The higher than expected oil imports were interpreted as a sign of an accelerating economic rebound in the world's second-biggest oil consumer.

"(Oil price gains) are happening against a backdrop of an overall moderate improvement in world economic growth outlook and demand," Ric Spooner, chief market analyst at CMC Markets in Sydney said.

Brent dipped 5 cents to $118.85 per barrel early Monday, after reaching…

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