Business

Oil slips as China inflation picks up

NEW YORK — Oil prices fell Friday on concerns that China’s government could limit economic stimulus measures because of higher inflation.

Benchmark oil dropped 26 cents to finish at $93.56 a barrel in New York. A day earlier, a report showing a rebound in China’s trade growth boosted oil because it suggested a possible recovery in global demand.

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Friday’s data showed China’s inflation spiked to a six-month high in December. Higher inflation could hamper Beijing’s ability to support the country’s economic recovery.

Reports that Saudi Arabia produced 9 million barrels of crude oil in December, 500,000 barrels less than the previous month, kept prices from falling further.

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In the United States, average pump prices remain around $3.31 a gallon, up about 2 cents in the past week.

Brent crude, used to price international varieties of oil, fell $1.25 to close at $110.64 per barrel on the ICE Futures exchange in London.

Associated Press

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