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Crude oil prices fall as global growth-fearing roads of Reuters





SYDNEY (Reuters) – Crude oil prices fell on Friday, pushed by concerns over the outlook for global economic growth.

U.S. West Texas Intermediate (WTI) Raw Futures () was down 1.1% at $ 56.71 a barrel at 0042 GMT.

Burned raw futures last month () was down 0.1% at $ 63.23 a barrel, having finished 0.8% on Thursday.

"Concerns about weaker demand outweighed the supply processes," ANZ Bank said in a research note.

"Weak economic data earlier this week set the stage for bearish outlook."

New orders for US factory goods fell for another straight month in May, government data showed on Wednesday, stoking financial concerns.

On Wednesday, the US Energy Information Administration reported a weekly decline of 1[ads1].1 million barrels in raw stocks, much less than 5 million barrels reported by the American Petroleum Institute earlier this week.

It suggests that oil demand in the US, the world's largest raw consumer, can slow down due to signs of a weakening economy.

Weakness in the oil market came despite the ongoing ten thousand ions in the Middle East, threatening supply routes.

On Thursday, British royal marines took a large Iranian oil tanker in Gibraltar to try to take oil to Syria in violation of EU sanctions, a dramatic step that drew Tehran's rage and could escalate its conflict with the West.

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