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Oil down as China's GDP comes in below expectations

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(Globalpost/GlobalPost)

Oil was down in Asia on Monday after China's economic growth for the first quarter came in below expectations, with sentiment also weighed by forecasts of weaker global demand.

New York's main contract, light sweet crude for delivery in May dropped 80 cents to $90.49 a barrel and Brent North Sea crude for May delivery shed 31 cents to $102.80.

"Oil traders are likely to be focusing on the Chinese GDP data," said Jason Hughes, head of sales trading at CMC Markets in Singapore.

"As the US seemingly stumbles on its road to recovery, demand from the second largest economy needs to remain firm," he said.

China's gross domestic product slowed to 7.7 percent in the first quarter of this year, the government said Monday, a shock result that came in below expectations.

The result, announced by the National Bureau of Statistics, compared with a median 8.0 percent forecast in a poll of 12 economists by AFP. China's economy expanded 7.9 percent in the fourth quarter of last year.

Prices were also dampened by forecasts 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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http://www.globalpost.com/dispatch/news/afp/130414/oil-down-chinas-gdp-comes-below-expectations