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Oil price falls 2 pct on export slowdown in China

Oil price falls 2 pct on export slowdown in China

Oil prices are falling as the global economic slowdown takes a toll on China.
Benchmark crude fell $1.84, or 2.2 percent, to $83.72 per barrel in morning trading in New York on Thursday, while Brent crude lost $1.16 at $110.20 in London.
China, the world's second-largest oil consumer behind the U.S., is expected to help push oil demand as it rapidly expands. But it's not isolated from the economic slowdown in the U.S. and Europe, which buy lots of Chinese goods. That's reflected in a drop in Chinese exports in August.
A sustained drop in Chinese exports will weaken its appetite for oil as its economy slows.