US GDP report sends crude oil prices lower
Online Finance magazines report:
Crude oil prices were lower Thursday after the Commerce Department released a report showing that the gross domestic product contracted by an 0.3 percent annualized rate in the third quarter, its worst performance since the third quarter of 2001.
The contraction in the economy threatened to cut gasoline demand even further than it has already declined.
December contracts for West Texas Intermediate crude was down $1.54 to $65.96 per barrel on the New York Mercantile Exchange, while Brent crude for December delivery was down $1.96 to $65.54 per barrel on the ICE Futures Europe exchange in London.
Nymex November gasoline was 2 cents lower to $1.51 per gallon while December heating oil also dropped 2 cents, to $2.01 per gallon.
Meanwhile, at-the-pump prices for regular unleaded gasoline in the United States dropped another 4 cents overnight to $2.547 per gallon while average retail prices fell below $2 per gallon in Texas, Oklahoma and Ohio.
According to a Department of Energy report, prices for regular unleaded gasoline dropped more than 25 cents per gallon in the past week.
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