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Oil tumbles for second day on slower Chinese growth

16 april 2013, 12:17
0
©REUTERS/Shannon Stapleton
©REUTERS/Shannon Stapleton
Oil prices tumbled further in Asia on Tuesday, dragged by prospects of weaker crude demand from China after data showed the world's second largest economy was not growing as fast as expected, AFP reports.

New York's main contract, light sweet crude for delivery in May dropped $2.49 to $86.22 a barrel and Brent North Sea crude for May shed $2.53 to $98.10 in morning trade.

"The market is mainly still reacting to the poor GDP numbers out of China, which has reaffirmed the trend that the world's second biggest economy is slowing," David Lennox, resource analyst at Fat Prophets in Sydney, told AFP.

Growth in China slowed to 7.7 percent in the first quarter, data showed Monday, below forecasts and fuelling fears a recent pick-up in the world's number-two economy is faltering.

"Many had called the bottom for China's economy and with Europe languishing with low growth many had pinned consumption and demand to be driven by China," Jason Hughes, head of sales trading at CMC markets in Singapore, wrote in a note.

"This now seems to be perhaps a bit too optimistic."

The market was also weighed down by disappointing data from the United States, analysts said.

April data showed a larger-than-expected slowdown in New York state manufacturing and a drop in confidence of US homebuilders.

Oil prices have been under pressure after forecasts last week of lower global demand by the Organization of Petroleum Exporting Countries, the International Energy Agency and the US government's Energy Information Administration.

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