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Oil falls below $94 as China growth slows January 20, 2014
The Associated Press
Oil prices fell Monday after China's economic growth declined in the last quarter of 2013.
Benchmark U.S. crude for February delivery was down 69 cents at $93.68 a barrel at 0530 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 41 cents to settle at $94.37 on Friday. Brent crude for March delivery was down 14 cents at $106.33 in London.
U.S. oil began the year near $98 a barrel but retreated swiftly on indications of ample global supplies.
It regained some ground last week but retreated Monday after China announced economic growth slowed to 7.7 percent in the three months ending in December. Weaker factory output and other indicators suggested that the world's second-largest economic is slowing further.
In other energy futures trading on Nymex:
— Wholesale gasoline rose 2.2 cents at $2.633 a gallon.
— Natural gas fell 11.3 cents to $4.263 per 1,000 cubic feet.
— Heating oil rose 1.4 cent to $2.949 a gallon.