Crude slips on Chinese growth concerns

Prices end 0.5% lower for the week

Crude futures at Nymex declined on Friday, 13 April 2012. Prices fell in tandem with US stocks after data showing a slowdown in China prompted concerns about oil demand.

Light and sweet crude futures for delivery in May ended down 81 cents, or 0.8%, at $102.83 a barrel on the New York Mercantile Exchange. The contract trimmed some of its losses as the floor session progressed, but ended the week off 0.5%.

U.S. stocks opened lower and oil futures retreated on Friday. European stock also traded lower, led by losses for Spanish stocks after data showed bank borrowing in the country from the European Central Bank soared in March.



As per latest data, China's first-quarter economic growth cooled to its slowest pace in 11 quarters amid weak export growth and sluggish construction activity. Gross domestic product grew 8.1% in the January to March period missing expectations of an 8.3% expansion.

The ICE dollar index, which compares the U.S. unit to a basket of six currencies, rose to by 0.8% on Friday.

AMong other energy products, May gasoline retreated 1 cent, or 0.3%, to $3.35 a gallon. Heating oil for the same month's delivery advanced 1 cent, or 0.3%, to trade at $3.17 a gallon. On the week, gasoline rose 0.2%, while heating oil rose 0.2%.

May natural gas edged less than a penny lower, or 0.1%, to $1.98 per million British thermal units, ending at its lowest since late January, 2002. Prices ended the week off 5.2%. Natural gas has ended lower for four consecutive weeks.