11.03.201405:45:21UTC+00Oil dives, natural gas climbs after bearish China data

Oil futures surged more than 1% lower on Monday as the downbeat Chinese economic figures trimmed prospects for energy demand. Crude to be delivered in April dropped $1.42 or 1.4%, to settle at $101.12 per barrel on the New York Mercantile Exchange. The move wiped out Friday’s 1% profit that was backed by a better than anticipated raise in US nonfarm payrolls in February.

The April contract for Brent oil, the European benchmark, missed $1.07 or 1%, to $107.93 per barrel on the ICE Futures exchange. Energy investors came back from the weekend to dull trade data from China, underpinning worries on slowing growth in the world’s second biggest oil consumer. An 18% dip in Chinese exports in February from last year left a trade deficit of $22.98 billion last month.

Libya’s prime minister, over the weekend, reportedly cautioned to bomb a North Korean-flagged oil tanker if it attempted to export oil from the Es Sider port which was administered by Libyan rebels.

On Nymex, natural gas to be delivered in April increased 3 cents or 0.7%, to set at $4.65 per million British thermal units, snipping gains from $4.73 peak earlier in the session. The contract ended last week higher by 0.2%.

Meanwhile, heating oil sank 4 cents or 1.5%, at $2.97 per gallon. April gasoline slid 2 cents or 0.8%, at $2.95 per gallon.