LONDON: Oil prices eased Friday as traders paused for breath after a rollercoaster week and awaited economic growth data in the United States, which is the world s biggest energy consuming nation.
New York s main contract, light sweet crude for September, dipped 22 cents to $66.72 per barrel.
London s Brent North Sea crude for September delivery slid 32 cents to $69.79 a barrel.
The first estimate of US gross domestic product (GDP) for the April-June quarter will be closely scrutinized for a lead on how the troubled American economy is faring.
Signs from the US showing a turnaround in the economic cycle will affect oil prices, said a broker cited by Dow Jones Newswires.
Analysts expect the report to show a contraction of 1.5 percent annualized, which would be a major improvement after the 5.5 percent slide in the first quarter. The data is slated for release at 1230 GMT.
The oil market see-sawed this week as traders tracked soaring US crude stockpiles, buoyant equity markets and the outlook for the battered global economy.
Prices began the week in positive territory, approaching one-month peaks on Monday as a brighter mood on the economic outlook sparked hopes for revival of energy demand.
Data showed that new US home sales leapt 11 percent in June, in a further sign of recovery for the sector at the epicentre of the global financial crisis.
The oil market reversed course on Tuesday as some of the recent optimism on the US economy was tempered by a weak survey on consumer confidence.
Prices slumped Wednesday after the US government s Department of Energy said US crude inventories surged 5.1 million barrels in the week ended July 24.
Most analysts had expected a decline of 1.2 million barrels and the huge increase highlighted surprisingly weak energy demand.
The oil market was also dampened this week by stock market rout in China, which is the world s second-biggest energy-consuming country.
But on Thursday, prices roared higher, rebounding as the market won support from a Wall Street equity rally and a weaker dollar.
In recent weeks, a stronger-than-expected set of US corporate earnings has fuelled hopes that the world s largest economy is on the mend from a recession that started late last year. – AFP
