Benchmark oil for May delivery dipped to US$88.6 per barrel in Asia on the Nymex. On the first day of the week, crude dropped by almost 3% as gold and industrial metals plunged after China reported unexpectedly slow economic growth in the first three months of 2013. The world's second-largest economy grew by 7.7% in 2012, slower than many forecasts. Also, the International Monetary Fund has lowered its outlook for world economic growth this year to 3.3%, down from its forecast in January of 3.5% - in 2013, U.S. economic growth is expected at 1.9% and the combined economy of the 17 euro countries will shrink 0.3%.
Brent crude rose to US$100.1 a barrel on the ICE Futures exchange in London.
19-Apr-13 
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