The price of oil dropped to $98 a barrel Wednesday as the possibility of a deeper economic slowdown in China fed expectations of weaker demand and a report showed a rise in U.S. oil supplies.
Benchmark U.S. crude for April delivery fell $2.04, or 2 percent, to close at $97.99 a barrel in New York, the first close below $100 in a month.
Brent crude, used to set prices for international varieties of crude, dropped 53 cents to $108.02 on the ICE Futures exchange in London.
China’s drop in exports in February fueled worries of a further slowdown in the world’s second-largest economy, which would tamp down demand for energy. China’s economic growth of 7.7 percent last year was the lowest in two decades.
I don’t have much to say about this, other than it’s something to watch. I would also…
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