International oil prices have dipped due to spreading concerns over a possible economic slump in China.

On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in April dropped one dollar, or one percent, to 106 dollars and 34 cents per barrel from the closing price on Friday last week.

On the London ICE futures market, North Sea Brent crude oil fell 72 cents, or zero-point-57 percent, to 125 dollars and 26 cents per barrel.

The decreased oil prices are attributable to market concerns that China might slip into an economic slowdown with its growing trade deficit.

China posted a trade deficit of 31-point-four billion dollars in February. The figure is the largest in 12 years and exceeded the predictions by market experts.