Oil prices drop on China data: NewsDaily

Oil prices drop on China data: NewsDaily

YEREVAN, January 21. /ARKA/. Oil prices fell on Monday as China's economic growth data fuelled concerns over energy demand in the world's second largest economy, traders said.

New York's main contract, West Texas Intermediate (WTI) for delivery in February, dropped 67 cents to $93.70 a barrel.

Brent North Sea crude for March slipped 20 cents to stand at $106.28 a barrel in London afternoon deals.
China's economy last year registered flat growth of 7.7 percent, maintaining its slowest expansion in more than a decade as the government warned Monday of "deep-rooted problems" including a mountain of local authority debt.

The 2013 GDP figure was the same as that for 2012 -- which was the worst rate of growth since 1999 -- and matched the median forecast in a survey of 14 economists by AFP. It exceeded the government's growth target for the year, which was declared as 7.5 percent. –0--

11:14 21.01.2014

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