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Oil slips on weak China data, gas price declines
World | business | 10:01, 06 May 2014 | 654

AKIPRESS.COM - oil production The price of oil fell slightly Monday, after a report showed a fourth month of contraction in China's manufacturing sector, Miami Herald said on May 5.

Benchmark U.S. crude for June delivery fell 28 cents to close at $99.48 a barrel. Brent crude, a benchmark for international varieties of oil, dropped 87 cents to $107.72 on the ICE Futures exchange in London.

Meanwhile, it's getting cheaper to buy gasoline in the U.S.

Oil prices were kept in check by new data pointing to a continuing slowdown in China, the world's second-largest economy, and the possibility of lower energy demand.

China's factory activity contracted again last month, according to HSBC's purchasing manager index, and the pace of the decline was more severe than a preliminary version of the report indicated.

In the U.S., the average price for a gallon of gasoline is down about 2 cents in the past week to $3.67.

In other energy futures trading on Nymex: wholesale gasoline fell 4 cents to $2.91 a gallon; heating oil lost 2 cents to $2.91 a gallon; natural gas added 1 cent to $4.69 per 1,000 cubic feet.

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