29 Jul '11, 8pm

Oil prices drop on US debt standoff, GDP data

NEW YORK: Oil prices fell on Friday as an unexpected dose of bad data on the US economy roiled markets already unsettled by the wrenching battle in Washington over the debt ceiling. New York's main contract, light sweet crude for delivery in September, fell $1.74 cents to close at $95.70 a barrel. In London, Brent North Sea crude for September shed 62 cents to settle at $116.74 a barrel on the IntercontinentalExchange. "The market continues to be weighed by worries about the debt (ceiling) in the US, and this morning the GDP numbers came out and missed expectations. It's more bad news - the market continues to be pressured," said Tom Bentz, an oil analyst for BNP Paribas. The US government reported that second-quarter gross domestic product (GDP) grew only 1.3 percent, far below economists' expectations. It also slashed its estimate of first-quarter GDP growth to just 0.4 ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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