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March 6, 2012 / 6:10 PM

Crude oil slips on demand concerns

A motorist pumps gas in Denver on April 15, 2011. Gas and food price increases will affect the nation's economic growth in the coming months. UPI/Gary C. Caskey

A motorist pumps gas in Denver on April 15, 2011. Gas and food price increases will affect the nation's economic growth in the coming months. UPI/Gary C. Caskey | License Photo

NEW YORK, March 6 (UPI) -- Crude oil dropped to under $105 per barrel overnight in New York, as markets adjusted to news that China expected slower economic growth in 2012.

Chinese Premier Wen Jiabao in a televised speech Monday said the government had lowered its target of 8 percent growth for the year to 7.5 percent, which would be the lowest rate for China in 22 years.

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April delivery light sweet crude prices on the New York Mercantile Exchange lost $1.92 to reach $104.71 per barrel. Home heating oil added 0.6 cents to $3.1942 per gallon. Reformulated gasoline gained 0.51 cents to $3.235 per gallon.

Henry Hub natural gas prices lost 0.6 cent to $2.35 per million British thermal units.

The national average price of unleaded gasoline fell slightly from Monday's $3.767 per gallon to $3.764 per gallon, AAA said.

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