Oil prices ease on weak US second quarter GDP growth
Oil prices eased as latest data showed the US economy grew more slowly than expected in the second quarter.
Brent crude futures were down US$1.05 lower at $109.57 midafternoon following US economic data showing gross domestic product climbed at a 1 percent annual rate from April through June, down from a 1.3 percent prior estimate.
Economists has been expecting a 1.1 percent increase. The second GDP estimate for the quarter confirms that growth almost stalled in the first six months of this year.
The fall in oil prices also reflects Fed Reserve chairman Ben Bernanke stopping short of flagging further quantitative easing to stimulate the struggling US economy.
In his Jackson Hole speech today Bernanke said the Fed will meet for two days in September instead of the planned one to go through options to provide additional monetary stimulus.
Top risers among junior oil players today include Lansdowne Oil & Gas (LON:LOGP), up 5.6% to 19 pence, and Wessex Exploration (LON:WSX), up 3.45% to 3 pence.
Top fallers included Sound Oil(LON:SOU), down 8% to 2p, and Red Emperor Resources (LON:RMP), off 4.8% to 20 pence.
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