Crude prices fall on revised U.S. GDP data

11:23, March 27, 2010      

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Oil prices fell on Friday after data showed the U.S. economy grew less than expected last quarter.

Oil prices rose in the morning as the euro rose from 10-month lows against the U.S. dollar after European leaders agreed to help Greece reduce its massive debt.

However, investors worried that the plan did not alleviate longer-term worries about fiscally vulnerable economies in the region.

The U.S. Commerce Department reported on Friday that U.S. economy grew at a 5.6-percent pace in the October-to-December quarter in its third and final estimate. The growth was below the expectations of 5.9 percent

Light, sweet crude for May delivery fell 53 cents to settle at 80 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude was down 32 cents to settle at 79.29 dollars on the ICE futures exchange.

Source: Xinhua
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