Oil falls on slower Chinese production growth
NEW YORK — The price of oil is falling after reports that China’s rapid growth appears to be slowing down.
China, the world’s second-largest oil consumer, reported a sharp decline in both investment and industrial production growth in April. A slowdown in China could push oil consumption — and prices — lower this year.
Benchmark U.S. crude lost 26 cents to $96.82 in New York while Brent crude lost 31 cents to $112.42 per barrel in London.
Oil prices have declined for most of the past two weeks following weak jobs numbers in the U.S. and political changes in Europe that could derail its plan for economic recovery.
At the pump, U.S. gasoline prices fell a half-cent to $3.734 per gallon.
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