US crude oil slips to under $93

Crude oil prices slipped in New York, dropping under $93 per barrel, after the International Monetary Fund lowered economic expectations for China. The IMF predicted China's gross domestic product would grow 7.75 percent in 2013 and 2014, down from a previous forecast of 8 percent growth in 2013 and 8.2 percent expansion in 2014. The Organization of Economic Cooperation and Development lowered its forecast for economic growth in the eurozone and across the globe Wednesday. The OECD said the gross domestic output of the eurozone would contract 0.6 percent in 2013. The organization previously predicted a contraction of 0.1 percent. The global economy is expected to grow 3.1 percent in 2013. Six months ago, the OECD predicted global economic growth would reach 3.4 percent this year. On the New York Mercantile Exchange, West Texas Intermediate crude oil prices gave up $1.97 to $92.84 per barrel. Reformulated blendstock gasoline shed 12.09 cents to $2.7853 per gallon. Heating oil gained 1.57 cents to reach $2.8602 per gallon, while natural gas prices lost 2.9 cents $4.182 per million British thermal units, up 4.2 cents. At the pump, the average price of a gallon of regular unleaded gasoline was $3.621 Wednesday, down from Tuesday's $3.626, the AAA Fuel Gauge Report said.