Oil falls below $93 after US growth falls short
Oil extends losses, falls below $93 after US economic growth falls short of expectations
BANGKOK (AP) -- The price of oil extended losses Monday, falling below $93 a barrel after U.S. economic growth fell short of expectations.
Benchmark crude for June delivery was down 31 cents to $92.69 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 64 cents to close at $93 in New York on Friday.
U.S. economic growth accelerated to an annual rate of 2.5 percent from January through March from an anemic pace in the previous quarter. But the markets were expecting growth of 3 percent or better.
The U.S. figure followed a slowdown in China's economic growth in the first quarter, raising questions about demand in the world's biggest oil-consuming countries. Manufacturing growth in China is also slowing.
At the same time, oil supplies and production are ample, adding to pressure for the oil price to fall.
In other energy futures trading on Nymex:
— Wholesale gasoline was down 0.8 cent at $2.819 a gallon.
— Heating oil fell 0.3 cents to $2.863 a gallon.
— Natural gas added 3.9 cents to $4.262.
