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Oil slides over weak Chinese trade data

10 May 2012

Oil markets fell today after Chinese trade data showed the nation's exports and imports grew at a slower rate in April, raising fears about oil demand from the world's second-largest oil consumer.

Brent crude fell 24 cents to $112.96 a barrel, while US crude fell five cents to stand at $96.78 a barrel.

China's General Administration of Customs said the country imported 22.26 million metric tons of crude oil during April, down 5.5% from 23.55 million tons in the previous month, reported Reuters.

Meanwhile, investors were also worried that France and Greece could threaten austerity plans while the continent battles fresh concerns over the health of Spanish banks.