Oil prices have dropped due to a possible reduction in demand for fuel in the USA, the world’s main consumer, RIA Novosti reports.
June futures for Light Sweet Crude Oil at electronic exchange markets in New York dropped by $0.37 , or 0.33%, to $112.49 per barrel, at 08:57 (Moscow time).
June futures for Brent oil dropped by $0.52, or 0.42%, to $124.5 per barrel.
The USA published its GDP statistics for the first quarter of 2011. The rate reached 1.8% compared to the fourth quarter of 2010. Analysts expected a rate of 2.0% in January-March.
Managing director of the Commodity Broking Services in Sydney Jonathan Barrath said that the US economy is slowing down like all other developed economies and that nothing can stop the process, Bloomberg reports.
