RTTNews - Crude oil prices gave back early gains and finished lower for a third straight session. Oil fell as a drop in global equities raised concerns about the economy and the impact on energy demand.
Light sweet crude oil for July delivery dropped to $70.47, down 15 cents for the session. After hitting as high as $72.77 early, prices touched as low as $69.80, dipping below $70 for the second straight session.
EIA data is expected at 10:30 a.m. ET tomorrow. Economists are looking for a decline of about 1.7 million barrels for the week ended June 12. Last week's data released showed crude inventories decreased by 4.4 million barrels in the week ended June 5.
In economic news, the U.S. Labor Department revealed that producer prices rose 0.2 percent in May. This followed a 0.3 percent increase for April.
Meanwhile, a Commerce Department report showed that housing starts rose 17.2 percent to an annual rate of 532,000 units in May from the revised April estimate of 454,000. Economists had expected starts to rise to 485,000.
Later, a Federal Reserve report showed that industrial production fell 1.1 percent in May following a revised 0.7 percent decrease in April. Economists had been expecting production to fall 1.0 percent.
Gasoline prices climbed to $2.674 per regular unleaded gallon, according to AAA's daily fuel gauge. This is below the year-ago mark of $4.08, but above the month-ago level of $2.308.
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