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Crude oil drops on data from China

May 13, 2013 at 7:57 AM   |   Comments

NEW YORK, May 13 (UPI) -- Crude oil prices slipped under $96 per barrel in New York Monday morning as economic data from China indicated easing demand.

Factory production in April and year-to-date fixed asset growth both came up short of expectations in China, which oil traders see as a bellwether for global demand.

On the New York Mercantile Exchange, West Texas Intermediate crude oil shed 77 cents to $95.27 per barrel.

Gasoline prices lost 2.61 cents to $2.8293 a gallon. Home heating oil dropped 1.,65 cents to $2.8883 a gallon. Natural gas added 0.9 cents to reach $3.915 per million British thermal units.

At the pump, the average price of a gallon of regular unleaded gasoline was $3.579 Monday, up from Sunday's $3.576, the AAA Fuel Gauge Report said.

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