Oil falls a second day on U.S. growth, supply worry
Benchmark U.S. crude oil for June delivery dropped 32 cents to $99.42 a barrel on the New York Mercantile Exchange.
By PABLO GORONDI
The Associated Press
The price of oil fell Thursday as the impact of slower U.S. economic growth and higher oil supplies carried over to a second day.
Benchmark U.S. crude oil for June delivery dropped 32 cents to $99.42 a barrel on the New York Mercantile Exchange. Brent crude, an international oil benchmark, slipped 31 cents to $107.76 on the ICE Futures exchange in London.
On Wednesday, U.S. crude oil plunged $1.54 and Brent fell 91 cents after U.S. first-quarter economic growth of just 0.1 percent disappointed forecasters who expected an expansion of about 1 percent.
Meanwhile, the U.S. Energy Department said oil supplies rose by 1.7 million barrels last week. While the increase was less than expected by analysts, it still pushed the nation's supply to a record 399.4 million barrels. In addition, gasoline supplies rose by 1.6 million barrels, whereas analysts had expected a decline.
China, the world's second-largest economy, was also a source of concerns after a manufacturing survey suggested growth was weak.
In other energy futures trading on Nymex:
— Wholesale gasoline fell 3 cents to $2.94 a gallon.
— Heating oil retreated 1 cent to $2.91 a gallon.
— Natural gas lost 10 cents to $4.72 per 1,000 cubic feet.
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