Crude oil futures fell as the U.S. economy grew less than estimated

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Crude oil futures fell as the U.S. economy grew less than es
On May 26, 2011 (Thursday), crude oil futures declined in the domestic market due to weak global cues. Oil for June contract dropped as much as 1.65% to Rs. 4,526.00 per barrel on the MCX as the U.S. economy expanded less than forecast in the first quarter, raised concern that oil demand may slowdown in the world"s largest oil consuming nation.

The Commerce Department yesterday reported that gross domestic product in the U.S. grew at a 1.8% annual rate in the first quarter, less than the 2.2% forecasted figure.

At the MCX, crude oil future for June contract closed at Rs. 4,562.00 per barrel, down by 0.86%, after opening at Rs. 4,595.00 against the previous closing price of Rs. 4,602.00. It touched the intra-day low of Rs. 4,526.00 with a business volume of 165,522 lots.

Crude oil for July contract, at the NYMEX, closed at US$100.23 per barrel, down by $1.09, after opening at US$101.24 against the previous closing price of US$101.32. It touched the intra-day low of US$99.62 with a business volume of 354,880 lots.

Read more about: oil and gas, crude, futures, mcx
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