Oil price steady after U.S. spending grows weakly

U.S. consumer spending in May grew at half the rate that economists expected
Oil price steady after U.S. spending grows weakly

Image Credits: Richard Masoner / Flickr.

by The Associated Press | June 27, 2014


The price of oil held steady on Friday as poor U.S. economic data raised the prospect of weak growth in energy demand while fears eased that fighting in Iraq would disrupt exports.

Benchmark U.S. crude for August delivery edged 4 cents lower to $105.80 on the New York Mercantile Exchange. The contract slipped 66 cents per barrel to settle at $105.84 on Thursday.

Brent crude, used to price international oils, dipped 1 cent to $113.20 a barrel in London.

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