Oil prices dipped today after the US released disappointing data, which sparked fresh concerns over demand growth. Prices also came under pressure due to a firm dollar.
Brent crude dropped by 14 cents to $103.64 a barrel, while US oil fell by six cents to $95.11, reported Reuters.
In the second quarter, the US economy showed new signs of slowing down as factory activity reduced in the mid-Atlantic region and groundbreaking fell at home construction sites.
On Friday, the dollar remained near a ten-month high against other major currencies, after a regional fed chief announced the Fed is likely to ease stimulus in the summer and end it by the end of 2013.
Oil prices got some support from ambiguity regarding geopolitical tensions in the Middle East, while Russia’s foreign minister said that Iran should participate in a the proposed international conference to try to end Syria’s civil war.
Image: Disappointing data from the US and a strong dollar put pressure on oil prices. Photo courtesy of freedigitalphotos / Salvatore Vuono.