Crude oil prices down on 'depressing' economic data

30 March 2009

Crude oil prices fell by almost $2 (£1.41) a barrel on Friday, retreating from the four-month high reached the previous day.

Values rallied on Thursday to reach more than $54 a barrel, but concerns over rising crude inventories, together with a fall in US and European stock markets, saw the market dip again towards the end of the week.

US crude settled at $52.38, down $1.96, while London Brent crude fell $1.48 to close at $51.98.

The drop came on the back of figures which showed that retail sales in Japan experienced their biggest fall in seven years last month, while US jobless numbers hit record highs.

Oil broker at Bache Commodities Christopher Bellew said this "depressing economic data" has "put a halt to the recent rally".

This is likely to come as welcome news for home heating oil customers, who have already seen crude oil prices recover by more than 30 per cent since the turn of the year.

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