Published 23rd April, 2013
Unexpectedly slow Q1 growth in China's economy of 7.7% caused OPEC crude prices to hit a 17-week low.
China’s latest gross domestic product (GDP) figures for the first quarter showed the reduced growth rate of 7.7% - still the envy of most other countries in the world, but down 0.2 percentage points from the last quarter of 2013. The news caused oil prices to drop sharply.
The weekly average crude basket price of the Organisation of Petroleum Exporting Countries (OPEC) fell to $102.28 in mid-April, a 10.7% decrease from $114.5 in mid-February. OPEC has revised its 2013 forecast down amid sluggish economic growth, especially in OECD nations.
Light, sweet crude for May delivery dropped $2.58, or 2.8%, to $88.71, on the New York Mercantile Exchange. The Brent crude pricesfor June was down $2.6, or 2.5%, at $100.44 a barrel.