Oil Slips On Weak China Trade Data

The price of oil fell slightly Thursday after China reported weak monthly trade data.

Benchmark crude for May delivery fell 20 cents to $103.40 a barrel on the New York Mercantile Exchange. That followed gains totaling $3.16 a barrel on Monday and Tuesday.

Brent crude, a benchmark for international oil prices, slipped 52 cents to $107.46 a barrel on the ICE Futures exchange in London.

Oil prices fell as Chinese trade numbers showed that exports contracted unexpectedly in March, shrinking by 6.6 percent from a year earlier while imports contracted 11.3 percent. Chinese imports of crude oil were also the lowest in five months, totaling 5.54 million barrels in March.

The numbers highlight the gradual slowdown in China's economic growth, which could result in lower demand for energy. The country's leaders are struggling to hit a full-year target of 7.5 percent growth this year while reorienting the world's second biggest economy away from trade and investment to one based on domestic spending.

In other energy futures trading in New York:

  • Wholesale gasoline was flat at $3.01 a gallon.
  • Natural gas rose 7 cents to $4.66 per 1,000 cubic feet.
  • Heating oil fell 2 cents at $2.94 a gallon.

Copyright 2015 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
 
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
Intelligence & Risk Assessment Analyst
Expertise: Legal|Risk Management
Location: San Ramon, CA
 
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours