China data dips oil prices

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Crude oil prices dropped on Saturday after disappointing Chinese trade data and a downgrade of crude demand growth by the International Energy Agency.

New York's main contract, WTI light sweet crude for September delivery, fell below the US$92 level before closing down US49c from Friday at US$92.87 a barrel.

In London, Brent North Sea crude for September slid US27c to US$112.95.

"The dip in price was triggered by weaker Chinese import data," said Commerzbank analyst Carsten Fritsch.

China's exports and imports slowed for the second consecutive month in July, adding to concerns that China's economy is still losing steam.

"The economic data out of China certainly has been bearish ... it's not good news and has prompted equities and oil futures to move down," said Victor Shum of Purvin and Gertz energy consultants in Singapore.

The International Energy Agency said faltering growth would undercut oil demand this year and next.

The IEA highlighted slower growth in the US as well as China, which together account for a third of the global market.

The drop in oil prices comes after they hit a three-month high on Thursday - at US$113.52 a barrel in London - on a buoyant US jobs report, new Opec data and some positive figures out of China, traders said.

- AAP