China growth props up oil price

OIL prices fell slightly last night on an unexpected rise in new US jobless claims but are still hovering around the 17-month high mark following positive economic data from China and a surprise drop in US crude inventories.

16 April 2010
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New York's Western Texas Intermediate shed US12c to close at $US86.51 a barrel yesterday after the US Labour Department reported new jobless claims rose by 24,000 in the week ended April 10.

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