International oil price lower on China economy

NEW YORK (AP) ? Brent crude, the international oil benchmark, is falling on reports of slower economic growth in China and a ramp-up in Libyan oil production.

Brent on Tuesday fell 42 cents to $109.74 per barrel in London. Brent is used to price oil from foreign countries, including much of the oil that's imported to U.S. refineries.

Brent fell after China said its surging economy cooled slightly in the last quarter. That could mean less oil demand in China.

U.S. benchmark West Texas Intermediate crude rose $1.35 to $87.73 a barrel in New York, as investors employ a larger trading strategy that hinges on the price difference between WTI and Brent contracts.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-10-18-Oil%20Prices/id-0a89109e8649481b8d9a2c97ade4f06a

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