The price of oil dropped to its lowest level in a week after reports of a slowdown in Chinese manufacturing.
Benchmark U.S. crude fell $2.61 to $104.66 per barrel. On March 15, oil hit $103.78.
The price fell after a London bank said Chinese industrial activity dropped to a four-month low in March. That could slow demand for crude because China's factories are big users of oil.
The price is also down because U.S. oil and gasoline demand are falling. And Saudi Arabia, the world's largest producer, earlier this week pledged to increase exports to help keep a lid on prices.
Brent crude fell $1.51 to $122.69.
Retail gasoline prices rose by nearly 2 cents to $3.88 per gallon. Gas is $4 or more in ten states and Washington D.C.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus