Crude Oil Lower As Chinese Worries Outweigh U.S. Strength

ET – Crude oil is down in early trading, with worries about Chinese demand outweighing a better-than-expected 4Q 3.3% U.S. GDP growth rate. “Crude oil is lower after rising yesterday on stronger U.S. growth boosting hopes of increasing demands,” says Peter Cardillo of Spartan Capital. “However, we do not see prices moving much higher since the E. Z. and China growth prospects remain bleak.” The Federal Reserve will meet next week, which will provide further direction for oil and stocks. Crude oil is down 0.7% to $76.77 a barrel, while Brent crude is down 0.6% to $81.46 a barrel.