Oil drops on worries about demand, slowing US economy


Washington, July 4 (BNA):  Oil prices fell on Thursday, with investors turning cautious on expectations of lower demand as U.S. employment and business data came in weaker than forecast, signalling the economy of the world’s top oil consumer may be cooling.

Brent crude futures were down 60 cents, or 0.69%, at $86.74 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 63 cents, or 0.75%, to $83.25 by 0651 GMT, Reuters reported.

U.S. crude shipments bound for Europe fell to a two-year low  in June as European buyers bought cheaper regional and West African oil, though some rebound in July and August volumes could still happen.

ZH




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