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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)Ignore Short Messages

nels1jac Veteran Author Minnesota Posts:493 Points:544,780 Joined:May 2011	Message Posted: Mar 5, 2012 9:31:43 AM Ignore nels1jac Report Abuse Don't believe a thing that comes out of China
rjojo40 Champion Author Las Vegas Posts:7,399 Points:1,078,565 Joined:Feb 2004	Message Posted: Mar 5, 2012 8:31:25 AM Ignore rjojo40 Report Abuse like the patient to the doctor, but will it stay up.
davidel57 Champion Author Houston Posts:5,120 Points:1,189,735 Joined:Apr 2008	Message Posted: Mar 5, 2012 7:28:46 AM Ignore davidel57 Report Abuse Good!
Pozole Champion Author Portland Posts:9,614 Points:1,597,445 Joined:Mar 2005	Message Posted: Mar 5, 2012 6:31:03 AM Ignore Pozole Report Abuse ...HELP ! !...is it on the way ?...doubt it...
scu227 Champion Author New Haven Posts:4,167 Points:774,805 Joined:Feb 2011	Message Posted: Mar 5, 2012 5:36:45 AM Ignore scu227 Report Abuse I guess China must be feeling the backlash of everybody cutting back and not spending.
lcleveland Champion Author San Antonio Posts:2,671 Points:653,300 Joined:May 2011	Message Posted: Mar 5, 2012 5:33:52 AM Ignore lcleveland Report Abuse ok
Joeski1 Champion Author New Jersey Posts:10,017 Points:1,744,760 Joined:Dec 2004	Message Posted: Mar 5, 2012 5:26:30 AM Ignore Joeski1 Report Abuse We had 8% growth too. In the "non official" inflation rate.
dbecks44 Champion Author Michigan Posts:1,362 Points:435,355 Joined:Jan 2012	Message Posted: Mar 5, 2012 5:22:26 AM Ignore dbecks44 Report Abuse 7.5 percent growth . . . must be nice.
investmentdr Champion Author Cleveland Posts:4,039 Points:1,457,750 Joined:Sep 2008	Message Posted: Mar 5, 2012 5:19:14 AM Ignore investmentdr Report Abuse right direction