Oil prices fell today as investors waited for key US economic data to estimate the oil demand growth outlook.
The US economy is expected to have grown at an annual rate of 1.9% in the third quarter of this year. However experts expect some more pace is needed to ensure steady recovery.
The world’s leading economy has struggled to exceed a two percent growth pace since the 2007-09 recession and remains short of 4.5 million jobs.
Oil prices were also lowered by rising US inventories, poor corporate earnings and Europe’s worsening financial crisis.
Meanwhile, Brent crude futures fell $1.02 to $107.47 a barrel and US crude also dropped 90 cents to $85.15 a barrel, reports Reuters.
Supplies from Iraq and Libya have helped offset declines from Iranian exports, which have slumped due to tight Western sanctions.
Image: Brent crude fell $1.02 to $107.47 a barrel. Photo courtesy of Lars Christopher Nøttaasen.