Oil down as China's GDP comes in below expectations

SINGAPORE: Oil prices fell sharply in Asian trade Monday after China's first quarter economic growth came in below expectations, with sentiment also weighed by forecasts of weaker global demand.

New York's main contract, light sweet crude for delivery in May dropped $1.63 to $89.66 a barrel and Brent North Sea crude for May shed $1.39 to $101.72 in mid-morning trade.

"China's GDP that came in slightly below expectations is having a negative impact on oil prices," Jason Hughes, head of sales trading at CMC Markets in Singapore told.

"Dealers were looking for China to add support to the market. The fresh data suggests that the Chinese economy hasn't bottomed out... as people have thought."

China's gross domestic product slowed to 7.7 percent in the first quarter of this year, the government said Monday.