Crude Oil Erases Earlier Gains After U.S. Economy Grows Less Than Forecast
Oil snapped a two-day increase after disappointing U.S. economic growth in the fourth quarter undermined hopes that fuel demand in the world’s largest crude consumer will rebound.
Futures were little changed, having wiped out most of this week’s gain after the U.S. data. Gross domestic product, the value of all goods and services produced, climbed at a 2.8 percent annual following a 1.8 percent gain in the prior quarter, Commerce Department figures showed today in Washington. The median forecast of 79 economists surveyed by Bloomberg News called for a 3 percent increase.
Crude for March delivery on the New York Mercantile Exchange was down 12 cents at $99.58 a barrel at 1:55 p.m. London time after rising as high as $100.50 earlier today.
To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net
To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net
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