Oil prices fall on sour economic news from China

AP News
Posted: Sep 10, 2012 10:27 AM
Oil prices fall on sour economic news from China

NEW YORK (AP) — The price of oil is falling on an unexpectedly weak economic report from China and warnings of a further slowdown.

Benchmark crude is down 53 cents to $95.87 Monday morning.

Data released Monday showed China's imports shrank unexpectedly in August, and the Chinese president warned growth could slow further. Factory output is now at a three-year low. It's troubling news from the world's second-largest economy, especially when growth in the world's No. 1 economy — the U.S. — has also slowed.

On Friday, the U.S. government reported the economy added a weaker-than-expected 96,000 jobs last month.

A hope of stimulus in both countries is preventing oil prices from falling further. Officials at the U.S. Federal Reserve are set to convene Wednesday.