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* China Sept crude oil imports up 9.5 pct vs Aug
* OPEC unlikely to cut output to support prices - Kuwait
* Saudi Arabia tells markets it is ready to accept lower
(Adds China data, quotes and updates prices)
By Florence Tan and Meeyoung Cho
SINGAPORE/SEOUL, Oct 13 Global oil futures lost
more than a dollar on Monday after Saudi Arabia and Kuwait
signalled ample supplies and their willingness to bear lower
prices to defend market share, although better than expected
trade data from China pared oil's losses.
China's export and import growth unexpectedly trumped
forecasts in September, while the world's largest energy
consumer increased crude oil imports by 9.5 percent from a month
ago, data showed on Monday.
"That's very good news for oil prices," Rikio Ishikura, a
commodity broker at Newedge Japan said, but he was cautious
about whether China has really embarked on a recovery track as
the global economic outlook remained gloomy.
Brent crude oil briefly touched its lowest since
December 2010 at $87.74 in early trade, but pared losses after
the China data to trade at $89.04 a barrel by 0323 GMT, down
$1.17. U.S. crude fell $1.13 at $84.69, after slipping to
a low of $84.25 on Monday, near July 2012 levels.
Contrary to market expectations, OPEC producers Saudi Arabia
and Kuwait look set to keep output steady, and their willingness
to bear with lower crude prices sparked another round of
sell-off in oil on Monday.
Some stop-loss selling may have been triggered, leading to
the sharp falls in prices earlier on Monday, Newedge's Ishikura
The world's top oil exporter Saudi Arabia has privately told
oil markets that it is ready to accept oil prices perhaps down
to $80 a barrel, probably to fend off competition as rival
Kuwait's oil minister Ali al-Omair was quoted as saying by
state news agency KUNA on Sunday that OPEC is unlikely to cut
oil production in an effort to prop up prices because such a
move would not necessarily be effective.
Omair said $76-$77 a barrel might be the level that would
end the oil price slide, since that was the cost of oil
production in the United States and Russia.
Oil ministers from the Organization of the Petroleum
Exporting Countries (OPEC) are scheduled to meet in Vienna on
Nov. 27 to consider whether to adjust their output target of 30
million barrels per day (bpd) for early 2015.
Some OPEC members are clamouring for urgent production cuts
to push global oil prices back up above $100 a barrel.
Saudi Arabia reported September production of 9.704 million
barrels per day (bpd), up from 9.597 million in August,
according to a monthly OPEC report issued on Friday.
The lack of a Saudi cut could add to perceptions of traders
and analysts that the kingdom is looking to defend market share,
(Reporting by Meeyoung Cho and Florence Tan; Editing by Richard