Oil falls below $93 after weak China trade data

Oil fell below $93 a barrel Friday in Asia as weak Chinese trade figures suggested growth continues to slow in the world's second-largest economy, according to AP. Benchmark crude was down 91 cents to $92.45 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 1 cent on Thursday to settle at $93.36 in New York. In London, Brent crude was down $1.08 at $112.14 on the ICE Futures exchange. China said Friday that the country's exports grew just 1 percent in July from a year earlier while import growth slowed to 4.7 percent. China's booming economy and voracious appetite for commodities has helped oil surge from $10 in 1998. In other Nymex energy trading, wholesale gasoline futures were up marginally $3.00 a gallon and heating oil slipped slightly to $3.03. Natural gas was down less than 0.1 cents at $2.93 per 1,000 cubic feet.