Oil prices ease as weak Chinese trade data fuels concerns over demand

12-Mar-14

New York's main contract, WTI for April delivery, slipped to US$102.4, while Brent North Sea crude for April slipped to US$108.5. Numbers from China show that the economy recorded an unexpected US$22.98 bln trade deficit in February. The figure compared with a surplus of US$14.8 bln in February 2013. Oil prices eased in Asia on news of weak Chinese trade data that fuelled concerns over demand in the world's top energy consumer, as per economictimes.com. The Chinese government said the weak trade figures were a result of "sharp fluctuations in the monthly growth rate as well as the monthly deficit" during the country's holiday season.