Oil drops on disappointing US economic data

AP News
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Posted: May 31, 2012 3:48 PM
Oil drops on disappointing US economic data

The price of oil continued its monthlong slide Thursday following new reports that the U.S. economy isn't growing as fast as many hoped. Here's how energy contracts traded:

On the New York Mercantile Exchange:

Crude lost $1.29 to end at $86.53 per barrel.

Gasoline lost 3.32 cents to end at $2.825 per gallon.

Heating oil fell by 3.36 cents to finish at $2.7062 per gallon.

Natural gas rose less than a penny to end at $2.422 per 1,000 cubic feet.

On the ICE Futures exchange in London:

Brent crude fell $1.60 to finish at $101.87 per barrel.