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Summary Benchmark crude is down 53 cents to $95.87 Monday morning.
The price of oil is falling on an unexpectedly weak economic report from China and warnings of a further slowdown.Benchmark crude is down 53 cents to $95.87 Monday morning.Data released Monday showed Chinas imports shrank unexpectedly in August, and the Chinese president warned growth could slow further. Factory output is now at a three-year low. Its troubling news from the worlds second-largest economy, especially when growth in the worlds No. 1 economy the U.S. has also slowed.On Friday, the U.S. government reported the economy added a weaker-than-expected 96,000 jobs last month.A hope of stimulus in both countries is preventing oil prices from falling further. Officials at the U.S. Federal Reserve are set to convene Wednesday.
