Oil falls to $80
Sunday, 28 March 2010
NEW YORK, Reuters): Oil prices fell below $80 a barrel Friday after data showed the US. economy grew less than expected last quarter, and a plan to bail out Greece from a fiscal crisis failed to quell concern over fragile economic recovery.
"You had the GDP revised lower and there's still concern about the euro and the euro zone economy," said Richard Ilczyszyn, senior market strategist at Lind-Waldock in Chicago.
The US. economy expanded at a 5.6 per cent annual rate instead of the 5.9 per cent originally estimated, the Commerce Department said in its final report for the fourth quarter, albeit still at the fastest pace in nearly seven years.
US. crude for May delivery settled at $80.00 per barrel, down 53 cents, reversing gains earlier in the day. ICE Brent settled at $79.29, down 32 cents.
"You had the GDP revised lower and there's still concern about the euro and the euro zone economy," said Richard Ilczyszyn, senior market strategist at Lind-Waldock in Chicago.
The US. economy expanded at a 5.6 per cent annual rate instead of the 5.9 per cent originally estimated, the Commerce Department said in its final report for the fourth quarter, albeit still at the fastest pace in nearly seven years.
US. crude for May delivery settled at $80.00 per barrel, down 53 cents, reversing gains earlier in the day. ICE Brent settled at $79.29, down 32 cents.