Oil Futures Weighed by Demand Worries
By
DAN STRUMPF
CONNECT
Updated May 13, 2013 3:36 p.m. ET
NEW YORK--Oil futures settled lower for the third straight session, weighed by concerns over weakening demand in China and robust global production.
Futures headed lower after data released Monday showed Chinese industrial output in April came in at 9.3% above last year's level--an improvement over a tepid March reading but under the 9.5% forecast by analysts surveyed by The Wall Street Journal.
The report was the latest underscoring slowing economic growth in China, which in turn has left the oil market worried demand for crude-oil is slowing there, too. China is the world's fastest-growing large economy and the boom has fueled a rise in oil prices over the last several years
Oil Futures Weighed by Demand Worries, OPEC Output - WSJ