Oil falls below $94 as China growth slows, looks set to decline further

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Oil prices fell Monday after China’s economic growth declined in the last quarter of 2013.

Benchmark U.S. crude for February delivery was down 69 cents at US$93.68 a barrel at 12:30 a.m. ET in electronic trading on the New York Mercantile Exchange. The contract rose 41 cents to settle at $94.37 on Friday. Brent crude for March delivery was down 14 cents at $106.33 in London.

U.S. oil began the year near $98 a barrel but retreated swiftly on indications of ample global supplies.

It regained some ground last week but retreated Monday after China announced economic growth slowed to 7.7 per cent in the three months ending in December. Weaker factory output and other indicators suggested that the world’s second-largest economic is slowing further.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 2.2 cents at $2.633 a gallon.

— Natural gas fell 11.3 cents to $4.263 per 1,000 cubic feet.

— Heating oil rose 1.4 cent to $2.949 a gallon.

(TSX:ECA, TSX:IMO, TSX:SU, TSX:HSE, NYSE:BP, NYSE:COP, NYSE:XOM, NYSE:CVX, TSX:CNQ, TSX:TLM, TSX:COS.UN, TSX:CVE)

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