MW: Oil up 1.3% after data shows less severe GDP fall
Oil futures retained their gains Friday after data showed that U.S. gross domestic product fell at a revised 5.7% annual rate in the first quarter. The negative 5.7% GDP estimate was slightly stronger than the first estimate of a 6.1% decline released a month ago. Following the data, crude oil for July delivery rose 87 cents, or 1.3%, to $65.95 a barrel in electronic trading on Globex.
