Dec. 22 (Bloomberg) -- Crude oil fell after the U.S.economy expanded at a slower pace than anticipated in the thirdquarter and OPEC agreed to maintain production targets.
Oil slipped after the Commerce Department said that thegross domestic product grew 2.2 percent from July throughSeptember, down from a 2.8 percent gain previously reported. TheOrganization of Petroleum Exporting Countries will hold quotasat 24.845 million barrels a day. “This was a significant revision,” said Jason Schenker ,president of Prestige Economics LLC, an Austin, Texas-basedenergy consultant. “This should weigh on prices.” Crude oil for February delivery dropped 21 cents, or 0.3percent, to $73.51 a barrel at 12:15 p.m. on the New YorkMercantile Exchange. Prices are up 65 percent this year.
Full Story: Oil Falls as US Growth Revised Lower, OPEC Maintains Quotas - Bloomberg
Oil slipped after the Commerce Department said that thegross domestic product grew 2.2 percent from July throughSeptember, down from a 2.8 percent gain previously reported. TheOrganization of Petroleum Exporting Countries will hold quotasat 24.845 million barrels a day. “This was a significant revision,” said Jason Schenker ,president of Prestige Economics LLC, an Austin, Texas-basedenergy consultant. “This should weigh on prices.” Crude oil for February delivery dropped 21 cents, or 0.3percent, to $73.51 a barrel at 12:15 p.m. on the New YorkMercantile Exchange. Prices are up 65 percent this year.
Full Story: Oil Falls as US Growth Revised Lower, OPEC Maintains Quotas - Bloomberg
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