U.S. crude falls more than $1 on weak China data, Norway strike halt

Mon Jul 9, 2012 11:14pm EDT
 
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SINGAPORE (Reuters) - U.S. crude futures fell more than $1 on Tuesday as weak Chinese import data stoked fears of a global fuel demand slowdown and Norway averted a full output shutdown after the government stopped a labor strike.

U.S. crude had slipped to a low of $84.89 a barrel, down $1.10.

China imported 21.72 million metric tons (23.9 million tons) of crude oil in June, down 14.8 percent from 25.48 million in the previous month, according to data from its General Administration of Customs.

(Reporting by Florence Tan; Editing by Clarence Fernandez)

 
An employee holds a gas pump at a gas station of Hyundai Oilbank in Seoul June 15, 2012. REUTERS/Choi Dae-woong