Oil Declines in New York After China Lowers Growth Goal

Oil traded near a three-day low in New York amid concern of slowing consumption in China after the country lowered its growth goal.

Futures were little changed after falling 2.8 percent last week, the first weekly decline in a month. China, the world’s second-largest oil user, will aim for economic growth of 7.5 percent this year, the lowest goal since 2004, Premier Wen Jiabao said today. Israeli Prime Minister Benjamin Netanyahu and U.S. President Barack Obama will meet today to discuss confronting Iran’s nuclear program, even as Obama asked Israel to help tone down “too much loose talk of war.”