Oil falls on China GDP, European concerns
Updated: 2012-04-14 15:38
(Xinhua)
|
|||||||||||
NEW YOKR - US Crude price fell on Friday on less-than-expected GDP growth in China and returns of European debt concerns.
The market was heavily weighed by China's economic slowdown. The latest data showed that China's gross domestic product grew 8. 1 percent in the first quarter, the weakest pace in nearly three years and lower than market's expectation. Investors restarted talks about the world's second largest economy's hard landing, which loomed over the oil demand outlook.
Meanwhile, worries about the European debt problems returned to markets. Spain's government benchmark bond yield rose against and breached 6 percent after data showed borrowing by Spanish banks from the European Central Bank in March hit its highest level ever. Besides, Italy's industrial output fell unexpectedly in February, causing fears of its economic health.
To add to the pressure, the euro pulled back and dipped more than 0.8 percent against the dollar. The dollar index, which tracks the greenback's performance against a basket of currencies, jumped nearly 0.8 percent.
Light, sweet crude for May delivery dropped 81 cents, or 0.78 percent to settle at $102.83 a barrel on the New York Mercantile Exchange. For this week, it edged down 48 cents, or 0. 46 percent.
But in London, Brent crude for May delivery rose moderately and last traded around $122 a barrel.
Today's Top News
President Xi confident in recovery from quake
H7N9 update: 104 cases, 21 deaths
Telecom workers restore links
Coal mine blast kills 18 in Jilin
Intl scholarship puts China on the map
More bird flu patients discharged
Gold loses sheen, but still a safe bet
US 'turns blind eye to human rights'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
All-out efforts to save lives |
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |
Latest technology gets people talking |