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Oil drops near $103 as China's economic growth slows down
NEW YORK (AP) ' Oil prices are falling after China reported weaker economic growth.
China is the second-largest oil consumer after the U.S., and its rapid growth has been one of the primary drivers of world oil demand. From January to March, however, China's economy grew by just 8.1 percent. That would be strong for most countries. For China it was the weakest in three years.
Slower growth means that world oil demand could level off, or even fall, this year.
Benchmark U.S. crude fell 50 cents to $103.14 per barrel on Friday in New York. Brent crude lost 61 cents to $120.91 per barrel in London.
Retail U.S. gasoline prices also fell for the seventh day in a row to a national average of $3.90 per gallon.