Oil prices fall amid poor China GDP

Source: Investing.com
© Scanpix/Reuters
On Tuesday prices for oil slumped due to China's GDP growing at the slowest rate in 24 years, along with concerns over weaker demand and supply glut. China, the world's second biggest economy, rose by 7.4% in 2014, slightly less than the expectation of 7.5%. Fourth quarter growth rate was at 7.3%, better than anticipated, but at its slowest in six years. Brent crude slid 13 cents and settled at $48.71 per barrel, whereas the US crude lost $1.32 and traded at $47.37 per barrel, while a struggle to seek out buyers for the oversupply of crude exists.
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