Oil falls on lower demand outlook, China data

The Associated Press
August 10, 2012

NEW YORK (AP) — 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 New York. In London, Brent crude dropped 97 cents to $112.25 on the ICE Futures exchange.

At the gas pump, the U.S. average rose a penny overnight to $3.67 per gallon. That's up about 10 cents from last week.