Underwhelming economic data about the pace of development in the globe's largest consumer pulled down crude oil futures on Friday as the energy commodity pared its largest weekly gains in about 10 months, according to Bloomberg.
The U.S. Department of Commerce reports the first quarter of this year saw gross domestic product increase at an annual rate of 2.5 percent after a survey conducted by the news source indicated economists anticipated gains of 3 percent. The energy commodity had shot up roughly 8 percent through Thursday.
"GDP is weaker than expected and it takes wind out of the market," senior market analyst Phil Flynn with the Price Futures Group in Chicago told the news source on Friday. "The number is weighing on market sentiment. It's been an incredible week for oil."
At 10:46 a.m. on Friday, West Texas Intermediate crude oil futures dropped 0.43 percent, a 40-cent loss to $93.24 per barrel. At 10:41 a.m., Brent crude oil futures edged down 0.14 percent, a 14-cent slip to $103.27 per barrel.
Dow Jones Newswires reports its own survey of economists revealed anticipations of GDP gaining at a 3.2 percent pace.
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