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Crude Oil Prices Fall Due to Global Growth Fears By Reuters





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

.1 million decline in crude oil inventories, much less than the 5 million barrels earlier this week by the American Petroleum Institute.

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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