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Market Chatter: Crude Drops Below $90 on Signs of Slowing Chinese Growth
3/4/2013 2:38:00 PM
By: MT Newswires
"West Texas Intermediate crude fell below $90 a barrel for the first time in 2013 as service industries in China expanded at the weakest pace in five months, adding to speculation that demand growth is slowing," Bloomberg said.
It reported: "Prices declined for the seventh time in nine days as the expansion of the non-manufacturing industry in China, the world's largest oil-consuming country after the U.S., was the slowest since September. Measures released March 1 pointed to manufacturing growth cooling. Money managers cut bets on rising oil prices in the week ended Feb. 26, according to data from the Commodity Futures Trading Commission."