Oil falls to around US$101 after China data

Source: Agencies | March 11, 2014, Tuesday |

Online Edition

The price of oil sunk to around US$101 yesterday after a surprise drop in China's exports suggested demand for crude could weaken.

Benchmark US crude for April delivery dropped US$1.46 to US$101.12 a barrel on the New York Mercantile Exchange. Brent crude, used to set prices for international varieties of crude, fell 92 cents to US$108.08 on the ICE Futures exchange in London.

China's customs data showed over the weekend that exports plunged by an unexpectedly large 18 percent last month. Robust trade is crucial in helping China achieve its official economic growth target of 7.5 percent for this year.

Tension over Russia's military incursion into Ukraine's Crimean Peninsula and Libya's sustained struggles to normalize its oil production and export activities boosted supply risks and kept prices from falling further.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 2 cents to US$2.95 per gallon.

— Heating oil dropped 5 cents to US$2.97 per gallon.

— Natural gas gained 3 cents to US$4.65 per 1,000 cubic feet.

Energy

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Oil falls to around US$101 after China data

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