By V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) — Crude-oil futures reversed course to decline in electronic trading Friday as U.S. equity futures weakened and the dollar strengthened on concerns about a sharp slowdown in China’s economic growth.
Light, sweet crude-oil futures for delivery in May CLK2 -0.32% were down 54 cents, or 0.5%, at $103.10 a barrel in Asian afternoon hours.
The contract, which settled 94 cents higher in a regular New York Mercantile Exchange session Thursday, turned back from close to $104 a barrel after China reported its first-quarter economic growth data.
Data released by the National Bureau of Statistics showed the mainland economy expanded 8.1% in the first quarter from the year-ago period — its slowest pace of growth in 11 quarters — due to weaker exports and construction activity.
The below-expected print compared with a 8.9% growth in the fourth quarter of 2011. Read full story on China GDP growth.
U.S. equity futures pulled back after the data, with Dow Jones Industrial Average DJIA +1.41% futures losing 33 points, or 0.3%, to 12,917, while Standard & Poor’s 500 Index SPX +1.38% futures dropped 4.20 points, or 0.3%, to 1,381.70.
The ICE dollar index DXY +0.10% rose to 79.44 index, as investors sought the greenback and shunned many risk assets.
Among other energy products, May gasoline RBK2 -0.29% and heating-oil HOK2 -0.17% futures dropped by 0.3% to $3.35 per gallon and by 0.1% to $3.16 per gallon, respectively.
Natural-gas futures for delivery in the same month NGK12 -0.10% lost 0.1% to $1.98 per million British thermal units.
Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau.
