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Sunday, 27 March 2016
OIL Prices Retrace on Slower GDP
Crude oil prices are down about 2.4 percent for the week after showing recovery.
NEW YORK, March 25 (UPI) -- Crude oil prices were mixed in the early stages of Friday trading after figures showed fourth quarter growth in the United States had slowed.
The U.S. Commerce Department reported real gross domestic production increased at an annual rate of 1.4 percent during the fourth quarter, compared with 2.0 percent GDP growth during third quarter 2015.
Crude oil prices faced negative pressure earlier this week amid signs of slow hiring in the United States. Brent crude oil was relatively flat in early Friday trading at $40.50 per barrel. West Texas Intermediate, the U.S. benchmark price for crude oil, was down 0.5 percent to $39.59 per barrel. Trading was light because of observations for the Good Friday religious holiday on the Christian calendar.
While a slight revision upward from previous reports, the Commerce Department said corporate profits declined for the second straight quarter. For full-year 2015, the department estimated the economy grew at a rate of 2.4 percent, the same rate as the previous year.
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