SINGAPORE (Commodity Online) : World oil prices edged down in Asian trade Friday mainly after yet another Chinese data, industrial output for May, influenced it negatively.
Light sweet crude for July delivery was seen trading at $75.19 a barrel at 11.30 a.m Singapore time while Brent crude was at $ 75.05 a barrel in London.
Analysts said China's industrial output for May showed weaker than expected result contrary to nation's overall exports, which surged 48.5 percent last month.
China's industrial output rose 16.5 percent in May, compared with expectations for a 17.1 percent increase.
On Thursday, prices rose above $75 for the first time since June 4 on strong Chinese export data and the International Energy Agency's raised global oil demand forecast.
New York's main futures contract, light sweet crude for delivery in July, rose $1.10 to settle at $75.48 a barrel. In London, Brent North Sea crude for July rose $1.02 to settle at $5.29.
The oil demand outlook also gained a boost from the International Energy Agency's latest monthly Oil Market Report.
The IEA raised its estimate of global demand by 60,000 barrels per day to 86.4 million barrels per day this year, saying initial data on economic activity in advanced countries was stronger than expected.