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Summary Oil prices fell due to weak data in the United States and the dollar's rally against the euro.
Oil prices dived to fresh seven-month lows Thursday, driven by weak data in the United States and the dollars rally against the euro amid worries of a possible Spain bailout, dealers said.New Yorks main contract, West Texas Intermediate crude for delivery in July, tumbled $1.29 to $85.53 a barrel, its lowest level since October 20.In London, Brent North Sea crude for July slumped $1.60 to settle at $101.87 per barrel.US data on first-quarter economic growth and the jobs market in May signaled that the economy continues to struggle to pick up speed, a sign that favored sellers in the oil market.The governments weekly US oil stockpiles report, for the period to May 25, added to that sentiment, with crude inventories significantly higher while gasoline consumption remained relatively weak.Despite pump prices falling steadily since March, gasoline shipments for the past four weeks were down 2.6 percent from a year ago, the Department of Energy said.I dont know if the (inventory) figures were so bearish; its more that the market is concerned over the global economy, Phil Flynn of Price Futures Group said of the overall New York market trend.
