Oil Drops From One-Week High on Economic Growth Concern

Oil fell from the highest price in more than a week after exports grew more slowly than forecast in China, the world’s second-largest crude consumer, signaling an economic slowdown.

Futures in New York slid as much as 1.2 percent, erasing last week’s gain. China had its biggest trade deficit last month in at least 22 years as Europe’s sovereign debt crisis damped exports, a March 10 report by the customs bureau showed. Overseas shipments increased 18 percent, less than a median estimate of 31 percent in a Bloomberg News survey. Hedge funds reduced bullish bets on oil for the first time in five weeks, according to the U.S. Commodity Futures Trading Commission.