Oil Falls A Second Day On US Growth, Supply Worry

The price of oil fell Thursday as the impact of slower U.S. economic growth and higher oil supplies carried over to a second day.

Benchmark U.S. crude oil for June delivery dropped 32 cents to $99.42 a barrel on the New York Mercantile Exchange. Brent crude, an international oil benchmark, slipped 31 cents to $107.76 on the ICE Futures exchange in London.

On Wednesday, U.S. crude oil plunged $1.54 and Brent fell 91 cents after U.S. first-quarter economic growth of just 0.1 percent disappointed forecasters who expected an expansion of about 1 percent.

Meanwhile, the U.S. Energy Department said oil supplies rose by 1.7 million barrels last week. While the increase was less than expected by analysts, it still pushed the nation's supply to a record 399.4 million barrels. In addition, gasoline supplies rose by 1.6 million barrels, whereas analysts had expected a decline.

China, the world's second-largest economy, was also a source of concerns after a manufacturing survey suggested growth was weak.

In other energy futures trading on Nymex:

  • Wholesale gasoline fell 3 cents to $2.94 a gallon.
  • Heating oil retreated 1 cent to $2.91 a gallon.
  • Natural gas lost 10 cents to $4.72 per 1,000 cubic feet.

Copyright 2015 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Micheal | May. 3, 2014
The United States imports two varieties of biomass-based diesel fuel—biodiesel and renewable diesel. Last year, total U.S. imports of these two varieties of biomass-based diesel fuel reached 525 million gallons, compared to 61 million gallons in 2012. Two principal factors drove the increase in U.S. biodiesel imports: growth in domestic biodiesel demand to satisfy renewable fuels targets, and increased access to biodiesel from other countries. As a result, the United States switched from being a net exporter of biomass-based diesel in 2012 to a net importer in 2013 by a wide margin.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Oilfield Sales Representative - Outside Sales (Oil and Gas)
Expertise: Business Development|Project Management|Sales
Location: Odessa, TX
United States Duncan MFG: Entry Level QA/QC Inspector
Expertise: Energy / Commodity Trading|Helicopter Pilot / Operations|QA / QC / Inspection
Location: Duncan, OK
Project Controls Specialist
Expertise: Project Management
Location: Minneapolis
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours