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Crude oil slide checked Monday

April 16, 2012 at 6:54 PM   |   Comments

NEW YORK, April 16 (UPI) -- Crude oil prices added $1.17 to $103.17 per barrel Monday, ending a slide prompted by weaker-than-expected economic growth data from China.

First-quarter gross domestic product growth in China rose 8.1 percent, which came in short of expectations.

The subsequent drop in oil prices is another reminder that, despite squabbling over gasoline prices in Washington, demand for oil beyond U.S. borders has a significant impact on petroleum pricing.

West Texas Intermediate crude oil for May delivery regained some lost territory Monday on the New York Mercantile Exchange. Home heating oil prices added 5.8 cents to $3.1224 per gallon. Reformulated blendstock gasoline lost 0.5 cents to $3.2665 per gallon.

Natural gas prices added 0.1 cents to $2.006 per million British thermal units.

At the pump, the national average price of unleaded gasoline was unchanged from Sunday, holding at $3.907 per gallon, AAA said.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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