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Crude Oil Declines in New York After China Lowers Economic Growth Target

Bloomberg -- Oil declined in New York, extending last week’s loss amid concern of slowing consumption in China after the country lowered its growth goal.

Futures dropped as much as 1.1 percent after earlier rebounding from the first weekly loss in four. China, the world’s second-largest oil user, will aim for economic growth of 7.5 percent this year, the lowest goal since 2004, Premier Wen Jiabao said today. Israeli Prime Minister Benjamin Netanyahu and U.S. President Barack Obama will meet today to discuss confronting Iran’s nuclear program, even as Obama asked Israel to help tone down “too much loose talk of war.”

“The lower growth target from China is negative for commodities because China has been the driver for oil prices in recent years,” said Carsten Fritsch, an analyst at Commerzbank AG


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Submitted Mar 05, 2012 By: WxVette
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REPLIES (newest first) Post a Reply
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nels1jac
Veteran Author Minnesota

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Message Posted: Mar 5, 2012 9:31:43 AM

Don't believe a thing that comes out of China
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rjojo40
Champion Author Las Vegas

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Message Posted: Mar 5, 2012 8:31:25 AM

like the patient to the doctor, but will it stay up.
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davidel57
Champion Author Waco

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Message Posted: Mar 5, 2012 7:28:46 AM

Good!
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Pozole
Champion Author Portland

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Message Posted: Mar 5, 2012 6:31:03 AM

...HELP ! !...is it on the way ?...doubt it...
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scu227
Champion Author New Haven

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Message Posted: Mar 5, 2012 5:36:45 AM

I guess China must be feeling the backlash of everybody cutting back and not spending.
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lcleveland
Champion Author San Antonio

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Message Posted: Mar 5, 2012 5:33:52 AM

ok
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Joeski1
Champion Author New Jersey

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Message Posted: Mar 5, 2012 5:26:30 AM

We had 8% growth too.

In the "non official" inflation rate.
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dbecks44
Champion Author Michigan

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Message Posted: Mar 5, 2012 5:22:26 AM

7.5 percent growth . . . must be nice.
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investmentdr
Champion Author Cleveland

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Message Posted: Mar 5, 2012 5:19:14 AM

right direction
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