Monday, April 23, 2018
News: Page (1) of 1 - 08/09/11 Email this story to a friend. email article Print this page (Article printing at page facebook
Oil falls on concerns about sluggish economy
Oil ends lower as Fed sees slower US economic recovery
By The Associated Press

NEW YORK (AP) ' Oil is down, ending the Tuesday trading session lower after the Federal Reserve said the U.S. economy is recovering at a slower pace than it expected.

Benchmark crude lost $2.01, or 2.5 percent, to finish at $79.30 a barrel. That's the lowest it's been since last September.

The Fed said it will keep its key interest rate "exceptionally low" through mid-2013. The central bank expects the economy to stay weak till then, and that implies oil and gas demand in the U.S. will be less than robust as well.

MasterCard SpendingPulse's weekly retail gasoline survey showed demand down for the 20th straight week. Gas pump prices dropped about a penny on Tuesday, to a national average of $3.65 for a gallon of regular.

Page: 1


Our Privacy Policy --- About The U.S. Daily News - Contact Us - Advertise With Us - Privacy Guidelines