LSE: Crude Oil, Natural Gas Slightly Lower Ahead Of US GDP
WASHINGTON (Alliance News) - Crude oil prices eased toward USD102 a barrel Friday morning, and natural gas continued to fall amid signs that the worst of winter is over for most of the US
This week's brutal cold is expected to give way over the weekend, reducing the need for heating fuels.
Crude oil eased 13 cents to USD102.27 a barrel, down from near USD103 late last night.
Natural gas future were down a half a percent to USD4.48 per million btu. Prices were above USD5 at the start of the week.
Markets eyed the release of US GDP data, due at 8:30 am ET.
Economists expect fourth quarter GDP growth to be downwardly revised to 2.5% from the advance estimate of 3.2%. Rough winter weather is thought to have caused the slowdown.
Speaking in testimony to the Senate banking committee in Washington, Fed Chair Janet Yellen on Thursday said the central bank will probably continue tapering its asset purchases despite the lackluster fourth quarter growth.
