Oil falls to near $106 amid China growth concerns

Oil prices fell to near $106 a barrel Thursday after weak manufacturing data suggested China's economy, and demand for crude, could grow less than expected this year.

By early afternoon in Europe, benchmark oil for May delivery was down $1.24 to $106.03 in electronic trading on the New York Mercantile Exchange. The contract rose $1.20 to settle at $107.27 per barrel in New York on Wednesday.

In London, Brent crude for May delivery was down 69 cents at $123.51 per barrel in London.

Chinese industrial production fell to a four-month low in March, according to HSBC's preliminary manufacturing index released Thursday. China is the world's second biggest consumer of oil behind the U.S.

"Weakening domestic demand continued to weigh on growth," HSBC said in a report. "China's slowdown has yet to finish."

Read Full Article from San Francisco Chronicle

- Posted: 2012-03-22 11:00:53

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