SYDNEY (Reuters) – Crude oil prices fell Friday on concerns over the outlook for global economic growth.
US. West Texas Intermediate (WTI) () crude oil futures fell 1.1% to $ 56.71 a barrel, down from 0042 GMT.
Brent's (Front-Month) () crude oil futures declined 0.1% to $ 63.23 a barrel, down 0.8% on Thursday.
"Worries about weaker demand outweighed supply problems," ANZ Bank said in a research report.
"Weak economic data earlier this week provided the backdrop for the declining prospects."
New orders for US factories As government data showed Wednesday, shipments fell in May for a second month in a row, fueling economic concerns.
The US Energy Information Agency announced Wednesday a $ 1
This suggests that oil demand in the United States, the world's largest consumer of crude oil, could slow in the face of signs of a slowing economy.
Despite ongoing weakness in the oil market Ten ions in the Middle East are threatening supply routes.
British Royal Marines seized a huge Iranian oil tanker in Gibraltar on Thursday for trying to bring oil to Syria in violation of EU sanctions. A dramatic move that could fuel Tehran's anger and escalate confrontation with the West.
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