Oil drops on concerns about China, lower demand forecast

Benchmark crude fell 90 cents to $92.47 a barrel in morning trading in New York.

The Trucker News Services

8/10/2012

NEW YORK  — The price of oil is lower on fresh concerns about the Chinese economy and a lower forecast for global demand for crude.

China said Friday that the country's exports grew just 1 percent in July from a year earlier while import growth slowed to 4.7 percent. That suggests growth continues to slow in the world's second-largest economy.

Meanwhile, the International Energy Agency lowered its forecast for global crude demand for the year to 89.6 million barrels a day from 89.9 million.

Benchmark crude fell 90 cents to $92.47 a barrel in morning trading in New York. In London, Brent crude dropped 97 cents to $112.25 on the ICE Futures exchange.

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