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Crude prices fell in the Asian trade today as first quarter GDP in the United States slumped and rising jobless claims in the world’s largest oil consumer depressed markets.
New York’s main contract, light sweet crude for delivery in June, fell 45 cents to $112.41 per barrel. London’s Brent North Sea crude for June delivery dipped 17 cents to $124.85.
US growth slowed to an annual pace of 1.8 per cent in the January-March quarter compared with a robust 3.1 per cent in the fourth quarter of 2010, the Commerce Department said in its first estimate for the period.
The US Labour Department said claims for unemployment insurance benefits surged more than expected last week to the highest level since January: a seasonally adjusted 429,000, up from the prior week’s 404,000.
In addition, figures showed 8.8 per cent of workers remaining jobless in March, underscoring the frailty of the US economic recovery.
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