NEW YORK--Oil futures damped Friday as weaker-than-expected U.S. economic data indicated weak demand for petroleum products in the No. 1 oil-consuming nation.
Light, sweet crude for July delivery fell 63 cents, or 0.5%, to $102.95 a barrel on the New York Mercantile Exchange. Prices are set to end the week down 1.4% and are up 3.2% for the month.
Brent crude on ICE Futures Europe fell 55 cents, or 0.5%, to $109.42 a barrel. Futures are down 1% this week and up 1.3% this month.
A broad gauge of U.S. consumer spending fell a seasonally adjusted 0.1% in April, below the 0.1% growth forecast by economists, the Commerce Department said Friday.
This followed data release of showing that the nation's gross domestic product fell at a seasonally adjusted annual rate of 1.0% in the first three months of the year.
"There's some negativity across the markets," said John Kilduff, founding partner of Again Capital in New York.
Market participants are also watching rising U.S. crude-oil supplies, Mr. Kilduff said. Nationwide oil stocks rose by 1.7 million barrels, the U.S. Energy Information Administration said Thursday.
The overall gain was larger than the 100,000-barrel build that analysts had expected, according to a Wall Street Journal survey. Supplies are relatively close to the record high of 399.4 million barrels reached in the week ended April 25.
"You're definitely seeing some profit-taking and money stepping to the sidelines here after the recent run-up we've had," said Mr. Kilduff.
A rally this month fueled U.S. oil prices above $104 a barrel as traders focused on falling supplies at the benchmark U.S. delivery point in Cushing, Okla., even as overall domestic supplies rose.
Front-month June reformulated gasoline blendstock, or RBOB, recently fell 2.41 cents, or 0.8%, to $2.9895 a gallon. The June contract expires at settlement Friday. The more-actively traded July contract recently fell 2.23 cents, or 0.7%, to $2.9735 a gallon.
June diesel fell 1.90 cents, or 0.7%, to $2.9000 a gallon. July diesel recently traded down 2 cents, or 0.7%, to $2.8999 a gallon.
