Forexpros - Crude oil futures came under pressure for a second day on Tuesday, as a sharp slowdown in Chinese imports added to lingering concerns over the global economy, while easing concerns over a military conflict between Western power and Iran also weighed. On the New York Mercantile Exchange, light sweet crude futures for delivery in May traded at USD102.16 a barrel during European morning trade, shedding 0.3%. It earlier fell by as much as 0.55% to trade at a daily low of USD101.86 a barrel. Oil futures dropped to as low as USD101.07 a barrel on Monday, the lowest since February 14, before trimming losses to end the session with mild declines. Losses were limited as prices neared a technical support level along its 100-day moving average around USD101.62 a barrel, triggered fresh buy orders. Buy orders tend to be clustered near chart-support levels. Concerns over the global growth outlook intensified following a report showing China's trade balance swung to a surplus of USD5.3 billion in March, from a deficit of USD31.5 in the previous month, The trade data showed that import growth trailed forecasts, underscoring risks of a deeper slowdown in the world’s second largest economy. Imports grew 5.3% in March, decelerating sharply from February's 39.6% increase. Slowing imports suggest some exports slowdown in coming months as well as a domestic slowdown. Market participants will now shift their attention to China’s gross domestic product growth data for the first quarter, which is due to be released Friday. Investors have been searching for clues in regards to Chinese growth prospects amid fears the country is headed towards a ‘hard landing’. China lowered its GDP growth target for this year to 7.5% last month, the lowest in eight years. The trade data came a day after official data showed that consumer price inflation in China accelerated by 3.6% in March, up from 3.2% in February and above expectations for a 3.3% increase. The higher-than-expected reading dampened expectations Beijing will introduce fresh monetary easing measures in the near-term to prop up the world’s second largest economy. A deeper slowdown in China, the world’s second biggest economy, would impair a global expansion that is already faltering because of the implementation of harsh austerity measures in Europe. China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand. Friday’s dismal U.S. jobs data, which showed the weakest pace of jobs growth in five months, continued to weigh on investors confidence. Expectations that U.S. crude supplies rose to the highest level since 1990 for this time of year also weighed. Meanwhile, oil was also under pressure ahead of talks scheduled to take place later this week between Iran and six world powers in Turkey on April 13 and 14 surrounding Tehran's disputed nuclear program. The six world powers include, the U.S., the U.K., France, Germany, Russia and China. The stand-off between Iran and Western countries has dominated sentiment in the oil market in recent months, pushing up prices from USD75 a barrel in October to as high as USD110 in early March. Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery fell 0.5% to trade at 121.51 a barrel, with the spread between the Brent and crude contracts standing at USD19.35 a barrel.

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