RTTNews - Crude oil fell on Friday amid demand concerns and lost the $70 a barrel mark again. Crude finished a second straight week in the red.
Light sweet crude oil for August delivery rose to $69.16, down $1.07 for the session. Prices had reached as high as $71.29 in overnight trading, but later fell as low as $68.81.
Oil finished down $1.27 for the week amid choppy trading. Crude remains more than 3% higher in the month of June.
Earlier this week, Energy Information Administration data showed crude oil inventories decreased by 3.8 million barrels in the week ended June 19. Experts were looking for a drop of 1.2 million barrels. Gasoline inventories increased by 3.9 million barrels last week.
Friday's decline erased most of a $1.56 gain Thursday that came as the Movement for the Emancipation of the Niger Delta claimed it attacked a Shell pipeline, according to reports.
On the economic front Friday, the Commerce Department said personal income jumped 1.4 percent in May following an upwardly revised 0.7 percent increase in April. Economists had expected income to rise 0.3 percent compared to the 0.5 percent growth originally reported for the previous month.
The report also indicated personal spending rose 0.3 percent in May after coming in unchanged in the previous month. The moderate increase in spending came in line with economist estimates.
Later, the Reuters/University of Michigan survey of consumers report showed that the consumer sentiment index was revised up to 70.8 in June from the preliminary reading of 69.0, coming in well above the May reading of 68.7. Economists had been expecting the index to be unrevised at 69.0.
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