Oil Slips as China Growth Lags Forecast

By MidnightTrader.com Staff,

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Oil prices fell on Friday and posted a weekly loss after data showed that first-quarter economic growth in China, the world's No. 2 oil consumer, was the weakest in nearly three years, reinforcing concerns about slowing demand for petroleum, Reuters reported.

It said a stronger dollar and a slip in U.S. consumer confidence in early April, as gasoline prices hit household budgets, also pressured oil prices.

But, it added, caution ahead of talks between Iran and five permanent U.N. Security Council members plus Germany about Tehran's disputed nuclear program helped limit oil's losses heading into the weekend, as did news of falling North Sea oil production.

Expiring May Brent crude managed to recover and last traded up 10 cents at US$121.81 a barrel, awaiting settlement, with volume just above 12,000 lots traded. The more actively traded Brent crude for June delivery slipped 36 cents to US$121.16 at 2.47 p.m. EDT (1847 GMT).

U.S. May crude fell 81 cents to settle at US$102.83, posting a small, 48-cent loss for the week.

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This article appears in: Investing Commodities
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